A scammer sent to jail.

It's very hard to find out that your hard earned savings have disappeared. Especially when the culprit shows no remorse. I'm glad to see there is a jail term.

We lost a small investment when LEAGUE crashed in Victoria BC luckily it wasn't our everything. The two men that started LEAGUE are out and free which irks many people. Especially those who lost their entire retirement savings.

"An Edmonton businessman convicted of fraud has been sentenced to seven years in prison and ordered to pay more than $2 million in restitution to his victims."

The judge's written decision also noted that evidence established Iyer bought a family residence in his wife's name, bought expensive vehicles and travelled in an extravagant lifestyle. All of those purchases were paid for with money given to Trident by the investors.

Justice Andrea Moen noted that Iyer showed no remorse, steadfastly maintained his innocence and never tried to pay restitution." Read more here

Mortgage Fraud

A poor misguided youth in Calgary was enticed by a "friend" to hold a mortgage in his name. He signed the mortgage docs in the back of a car with no legal counsel. He qualified for and got over $800,000 worth of mortgages on two properties.

"Even though Jason had a reported income of less than $20,000 the previous year, a large Canadian bank approved him for two mortgages: one worth $550,000, the other worth $300,000, for a total of $850,000.

He never met anyone from the bank, never saw the houses, never planned to live in them and doesn't even know where they are located."

It's sad that Jason is in this mess but it's a pretty silly thing to do. If you're signing legal documents in the back of a car without talking to anybody first you might imagine things may go south.

However, there is absolutely nothing wrong with holding a mortgage for someone else as an investment. Many investment companies do this as banks have tightened restrictions. The mortgage holder gets a cut of the profit at sale of the revenue property and monthly cash-flow. Jason should had gotten independent legal counsel and done much more due diligence on the deal.

A tough lesson for certain.

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