Five arrested in real estate scam
Thu, 2008-01-17 19:39.
Toronto Police have arrested five men in an elaborate real estate scam in which parking spaces or storage lockers were sold off as 300-thousand dollar condos.
Police say the TD Bank was swindled out of 3.8-million dollars.
Two mortgage specialists at the bank have been arrested, along with one of the alleged condo owners, Patrick Chan of Richmond Hill.
Mississauga real estate agent Roland Williams and Toronto real estate lawyer Steven Mucha are also charged.
The five suspects face a total of 135 charges, including fraud, possession of the proceeds of crime and laundering the proceeds of crime.
Arrest warrants have been issued for two other men, including Patrick Chan's brother, Kam Cheung Chan.
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