9 charged in alleged Toronto fraud
The Canadian Press
Posted: Nov 2, 2012 4:45 PM ET
Last Updated: Nov 2, 2012 8:41 PM ET
The RCMP have charged nine Toronto area people with a total of 41 fraud related charges.
The Mounties say the total value of the alleged fraud was more than $2 million
It is alleged that between 2008 and 2010 the accused were involved in a scheme where they formed companies and applied for loans at financial institutions under the Canada Small Business Financing Program.
The RCMP says that by submitting fraudulent or forged documents, they secured loans and funding from the banks for equipment and upgrades to leased property.
The Mounties say they collaborated with Industry Canada and were assisted by a number of national banks during their investigation.
The Mounties say the charges include fraud, uttering forged documents, conspiracy, money laundering, possession of proceeds of crime and participating in a criminal organization.
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