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    Our Mailing Address:
    Rainbow Investigations
    513-18th Avenue SW
    Calgary, Alberta
    T2S 0C6


    Better Business Bureau of Southern Alberta

    Calgary Mortgage Fraud 2011

    As the year 2010 draws to a close, Rainbow Investigations is already planning furiously how to have impact on what we do, during the year 2011.

    Obviously anybody living in Calgary knows that real estate fraud and associated real estate shenanigans continue to be Calgary’s most pressing consumer problem. Even though we have 50 specific files on known real estate fraud artists operating or at least have operated in Calgary, seldom a week goes by where another caller to Rainbow Investigations is bringing forward a new “bad guy”.

    Even with new qualifying rules in place to obtain mortgages, Rainbow Investigations is still hearing how fraud artists are manipulating financial institutions to “beat the system” and get fraudulent mortgages with, of course, the big payout as a cash to close on over-valued mortgages. The latest trend we are hearing is similar to the old concept where fraud artists were paying a few thousand dollars to a victim and guaranteeing that the “victim” or “strawbuyer” would be off title in six months ie someone would assume the over inflated mortgage. Now, with the new qualifying rules in place, fraud artists are continuing to offer the cash the incentive, and are continuing to shop for “victims” except the cash incentive is well over 5 figures, and the fraudulent guarantees to the potential victim of being off title from the property are no longer 6 months, but now are up to 5 years.

    A few qualifying rule changes put forward by bureaucrats or bank execs sitting in high rise offices in Eastern Canada is not going to have any lasting impact whatsoever in the mortgage fraud scene in Calgary, as these yahoos will simply find a way around the rules all the time. The problem is far deeper than what the simple qualifying rule changes can fix.

    As there seems to be no end to the concept that flipping properties fraudulently and getting hyper-inflated mortgages is a somewhat acceptable way to make money within certain social groups here in Calgary. Therefore, given this degree of acceptance of the fraudulent real estate flipping concept is here, nothing short of an absolutely concerted and united effort by all the affected parties working in unison must be undertaken to demonstrate to all that this is NOT an acceptable way to make money. Furthermore, the psychological damage to the victims of this organized fraud is immense; many victims, especially females, take the victimization very personal, and potentially this may affect them for years to come. THIS CONCEPT MUST BE DRIVEN OUT OF CALGARY!

    Starting in early 2011, Rainbow Investigations will initiate a series of stories on our webpage to go after this problem far more aggressively than we have done in the past. Now is the time to start putting the pedal to the metal, and go after this problem. We hope to engage others, and we mean ALL OTHERS who have an interest in this matter to work together, share information, and make a united front to go after this problem.

    To the five major banks, the Law Society, the police forces, RECA, the mortgage brokers association, the CMHC, Service Alberta Land Titles Division – do we have your attention? Are we connecting? over and out?

    Currently Rainbow Investigations has a story planned to give a complete update on all the current court actions involving mortgage fraud here in Alberta including the criminal proceedings from Red Deer, (the Hoa La case), and the El-Sayed case in Calgary. We will bring you up to date on what we can with the big B of M case and other interesting civil cases in Calgary.

    On another story will present to you our prospective of the challenges of being an investigative firm representing victims of mortgage fraud here in Calgary, especially the largely hidden story of the effects on the victims’ lives. We will present what options victims have, with respect to the latest decisions occurring in Queens Bench Chambers on this issue.

    Finally, and most significantly, we will provide our prescription for getting this problem eradicated in Alberta. We will provide a report on our website, with recommendations of what should be done.

    While we are not suggesting we have all the answers for this problem, this report will have enough solid recommendations under four broad categories to get serious discussion in the public domain. Upon implementation, these recommendations would go along way to getting this blatant mortgage fraud out of Alberta.

    Unless we are missing something, we think the time to act is now. We have heard hundreds of these stories now, witnessed the breakup of families, saw how some have chosen bankruptcy (even at 20 yrs old!), and seen people have this hanging over them for years to come. So look for us, and our attack on mortgage fraud in Alberta, in the first week of January 2011.

    In the meantime, Rainbow Investigations wishes everybody a very merry Christmas, a great 2011, drive safe, drink responsibly, and let’s plan slowly during our down time, to get rid of mortgage fraud in Calgary in 2011!

    Date of Story: Sunday, December 19, 2010
    Story Posted By: Ron Reinhold
    Source: Ron Reinhold

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