05-05-2010, 02:58 PM
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#61
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Franchise Player
Join Date: Sep 2009
Location: Calgary
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It wasn't an issue when the houses could be re-sold 6 months later for a higher price, and then the straw buyer signs the papers and is off the hook. With the economy being not so rosy, the scam is coming to the light.
__________________
Pylon on the Edmonton Oilers:
"I am actually more excited for the Oilers game tomorrow than the Flames game. I am praying for multiple jersey tosses. The Oilers are my new favourite team for all the wrong reasons. I hate them so much I love them."
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05-05-2010, 04:06 PM
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#62
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Franchise Player
Join Date: Dec 2003
Location: Probably stuck driving someone somewhere
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Devinder Shory (? - spelling), a MP for Calgary is being linked to the scheme as per a story on CBC radio (just finished). Will look for a direct link/story.
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05-05-2010, 04:10 PM
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#63
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Franchise Player
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Quote:
Originally Posted by RedHot25
Devinder Shory (? - spelling), a MP for Calgary is being linked to the scheme as per a story on CBC radio (just finished). Will look for a direct link/story.
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That would be quite the story.
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05-05-2010, 04:14 PM
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#64
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Had an idea!
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Quote:
Originally Posted by Wookie
What is wrong with the people who posted the majority of the responses on that main article. "Expected from Alberta" "Alberta, just like the states" "Everyone in Calgary with their Hummers and Beemers"
Are people really that ignorant? Seriously?
I make rude/stupid comments all the time - but always in jest. Those comments are just weird. I can't really comprehend how an individual could be so bitter about something. It's actually a little bit scary.
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They're just jealous.
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05-05-2010, 04:15 PM
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#65
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Had an idea!
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nm.
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05-05-2010, 04:18 PM
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#66
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Atomic Nerd
Join Date: Jul 2004
Location: Calgary
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is it wrong that because of this thread I instantly think of my east indian friends who work in retail but tell me they are actually in real estate?
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05-05-2010, 04:22 PM
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#67
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Franchise Player
Join Date: Mar 2007
Location: Calgary
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I call bs, not a chance in hell Indians and Arabs would be in a scam together.
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05-05-2010, 04:23 PM
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#68
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Franchise Player
Join Date: Aug 2005
Location: Memento Mori
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Quote:
Originally Posted by burn_this_city
I call bs, not a chance in hell Indians and Arabs would be in a scam together.
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Money makes strange bedfellows.
__________________
If you don't pass this sig to ten of your friends, you will become an Oilers fan.
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05-05-2010, 04:44 PM
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#69
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My face is a bum!
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I had someone try get me on one of these last fall. He said he'd done "tons of these deals" and everyone involved made a killing. He was driving a new Porsche and also had an Escalade I believe. He wasn't the brightest guy in school. I'd love to know if he's getting stung.
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05-05-2010, 04:45 PM
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#70
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Franchise Player
Join Date: Dec 2003
Location: Probably stuck driving someone somewhere
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UPDATE: AS per video link - http://www.cbc.ca/video/#/News/ID=1486263042 - on CBC Website, "BMO Sues Conservative MP - Bank of Montreal's lawsuit implicates Conservative MP Devinder Shory in alleged mortgage fraud in Alberta".
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05-05-2010, 04:46 PM
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#71
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In the Sin Bin
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Another scandal is the last thing the Conservatives needed...
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05-05-2010, 05:08 PM
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#72
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Retired
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Quote:
Originally Posted by fredr123
I can appreciate their reluctance to dip their toes in the world of white collar crime. It's all numbery and documenty and stuff. It's also less likely to give the officers a feeling that they are making their world a safer place. There's a lot of reasons that policing emphasizes violent crimes but I wish these other areas were given some attention too.
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Actually Fredr, I'm sure that might have something to do with it, but it certainly isn't the main reason. The fact is that our criminal justice system is very light when it comes to white collar crime punishments because "no one got hurt".
When you've got guys committing organized retail fraud with bogus credit card numbers, costing retailers millions of dollars a year, yet these guys don't even get jail time after getting caught. Why are the police even going to bother unless the laws are toughened up? I think part of their concern is that they do all this work (and white collar crime is usually a lot more work) for very little return.
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05-05-2010, 05:18 PM
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#73
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Voted for Kodos
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Shory is my MP. I'm pretty sure I voted for him. Oops.
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05-05-2010, 05:22 PM
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#74
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Franchise Player
Join Date: Oct 2001
Location: Ontario
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It's really a shame that Cavanagh didn't get the nomination when he went up against Shory back in 2008.
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05-05-2010, 05:24 PM
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#75
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Lifetime Suspension
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A crooked politician??!!
Thats unpossible.
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05-05-2010, 06:50 PM
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#76
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Franchise Player
Join Date: Dec 2003
Location: Probably stuck driving someone somewhere
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MP Shory accused in giant mortgage fraud
The Bank of Montreal is accusing Calgary Conservative MP Devinder Shory of having ties to what is believed to be Canada's largest mortgage fraud.
The bank has filed a lawsuit against hundreds of Albertans, including Shory. Civil court documents filed in the lawsuit, and obtained exclusively by CBC News, allege Shory, a lawyer, executed legal transactions that misrepresented the true mortgage owner of at least five Calgary properties.
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In its statement of claim, the bank says Shory was one of several lawyers who were involved in the "fraudulent scheme of the Malik Group."
The bank claims the Malik group identified properties to be used in the fraudulent scheme and, "in the majority of instances, these were entire apartments or condominium complexes."
"The various members of the Malik group and the Malik lenders recruited and induced individuals to participate as 'straw buyers,'" the bank says in its lawsuit.
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"[The Malik group] prepared, altered, or modified proof of employment income and proof of assets sufficient for a down payment for each of the straw buyers to reflect a more favourable employment and greater assets, all of which was necessary to support the application for the mortgage advance on behalf of the straw buyer," the bank claims in its lawsuit.
The bank says Shory and the other lawyers arranged for the land transfer to be executed by the original seller, as a blank form, or directly to the straw buyer.
"The Malik lawyers used the mortgage proceeds advanced by [the Bank of Montreal] to pay the cash to close the original vendor and to pay the excess proceeds to the solicitor for the vendor. Often both the vendors and the solicitors for the vendors were members of, or associated with, the Malik Group."
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Investigators found Shory acted in at least five straw-buyer cases. The bank obtained Shory's trust account ledger. It shows he ran more than $3.7 million through an account that the bank has linked to the fraud.
The documents show Shory did not disclose to the bank that he was involved in a transaction involving a straw buyer.
In its lawsuit, the bank says the fraud's "central participants" arranged the "skip transfer." Using a skip transfer is a common method of falsely inflating the value of a property.
"In this case, the title to the property never was in the name of the central participant, but rather, went directly from the original owner to the straw buyer."
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The bank claims Shory had a legal duty to disclose this skip transfer or side deal because it's a precursor of fraud.
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On Monday, Shory added a link on his MP website headlined, "Conservatives Stand Up for Victims of White-Collar Crime."
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05-05-2010, 06:54 PM
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#77
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Franchise Player
Join Date: Mar 2007
Location: Victoria, BC
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I can't even begin to imagine how awesome this story is going to get.
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05-05-2010, 07:14 PM
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#78
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Franchise Player
Join Date: May 2006
Location: @HOOT250
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Epic title changes....I can't keep up with the thread name let alone what's going on. 
__________________
Quote:
Originally Posted by henriksedin33
Not at all, as I've said, I would rather start with LA over any of the other WC playoff teams. Bunch of underachievers who look good on paper but don't even deserve to be in the playoffs.
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05-05-2010, 07:31 PM
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#79
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Franchise Player
Join Date: Dec 2003
Location: Probably stuck driving someone somewhere
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I try my best
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05-05-2010, 07:35 PM
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#80
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First Line Centre
Join Date: Mar 2006
Location: CALGARY
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Quote:
Originally Posted by You Need a Thneed
Shory is my MP. I'm pretty sure I voted for him. Oops.
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Mine too. I'm pretty sure I voted for the liberal guy though - not big on the Stephen Harper conservatives.
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