Police believe there are more victims in multimillion dollar mortgage fraud
Posted March 2, 2011 11:38 pm.
This article is more than 5 years old.
MISSISSAUGA, Ont. – Peel Police believe more people may have become victims of an alleged $12 million mortgage fraud.
Investigators revealed they have identified 40 people and 10 financial institutions so far that have suffered losses in the alleged scheme.
Police alleged a man accepted personal funds, entrusted to him by clients who believed that they were investing in registered mortgages.
Instead, the clients found out later that their investments were worthless and that their money had disappeared.
Mario Mazzucco, a 61 year old Toronto man is charged with defrauding the public, laundering the proceeds of crime, and criminal breach of trust.
