Man accused of profiting off NOSIs in Ontario lived high life: social media posts
One of the people accused of profiting off an allegedly predatory scheme involving a financial tool set to be banned by the Ontario government bragged on social media of sudden wealth, showing off multiple luxury cars.
The social media posts of Anas Ayyoub show a rags-to-riches tale of someone who was once “broke” riding the bus at 16 to a 22-year-old living the high life.
- Download our app to get local alerts on your device
- Get the latest local updates right to your inbox
“Seven years ago I did whatever it took to scavenge for money just to provide food for my family. Now I drive a $1.4 million dollar Lambo,” wrote Ayyoub in one post.
But a civil lawsuit alleges that at least some of that money came from taking advantage of a vulnerable senior using an alleged scheme involving a Notice of Security Interest, or NOSI. A NOSI is a financial claim to a property based on equipment that’s been installed there.
In one alleged scheme described in the suit, 11 NOSis worth $150,000 were secured on Karl Hoffman’s Bowmanville property, for multiple products his family says he didn’t need.
He was 81 and had short-term memory loss from a brain aneurysm which made him too trusting, Hoffman's daughter-in-law said.
“When people came to the door, knocking at the door with all these great plans and ideas to help him, he thought that was real,” said his daughter-in-law, Melissa Irons.
A W5 investigation in February showed how easy it is to install a NOSI, even without the homeowner’s knowledge or consent, and how little scrutiny there is to check whether the amounts on the NOSI correspond to the actual value of the installed products.
For example, the suit alleges that one of those NOSIs, for $34,699, was for “plumbing valves upgrade and home surge protection equipment” but claims the actual value of the product was something that retailed for $299.
Then, the suit claims people approached Hoffman saying he needs to get a mortgage to pay these off, even providing lawyers to help.
“They appeared as ‘saviours’, but were in fact conspirators,” the lawsuit alleges, because that mortgage contained unfavourable terms that put Hoffman’s house at risk, after owning it outright for decades.
Karl Hoffman is seen in this undated photo. His family says they’re "thrilled" Ontario has moved to wipe out NOSIs, a tool used so often by scammers that it has been used to claim some $1 billion worth of value from properties across the province.
The allegations have not been proven in court. Reached by e-mail on Thursday, Ayyoub’s lawyer Eli Karp said simply, “No comment.”
Ontario’s Minister of Public and Business Service Delivery said he was aware of $1 billion worth of NOSIs on the books in Ontario – a sign that the financial tool needed to be abolished, including all existing NOSIs.
“That total is quite a large number and that means that criminal activity is being perpetuated, shall we say. So we need to address that with a retroactive effect with the legislation,” Todd McCarthy said Tuesday.
Two lawyers named in the Hoffman case have been suspended. Ontario’s Law Society warned lawyers last year about being part of any “exploitative loan agreement”, saying, “Lawyers must ensure that they inform themselves of the clients’ circumstances and are in a position to act in the best interests of their clients.”
The Hoffman family’s lawyer, Greg Weedon, says he’s concerned that while the NOSIs are to be wiped out, they haven’t been wiped out yet. He says he’s worried about a gold rush to profit off them in the coming months before they disappear.
“They’re going to try to extract as much as they can and that’s going to be on the backs of the consumers,” he said.
Hoffman passed away recently and would have loved to see the Ontario government’s action before he died, Irons said.
As for Ayyoub, it’s not clear where he has gone – the Hoffman family believes he has left the country.
CTVNews.ca Top Stories
BREAKING Ontario Provincial Police arrest 64 suspects in child sexual exploitation investigation
Ontario Provincial Police say 64 suspects are facing a combined 348 charges in connection with a series of child sexual exploitation investigations that spanned the province.
Most of Canada to receive emergency alert test today
The federal government will test its capacity to issue emergency alerts today, with the exception of Ontario, where the test will take place on May 15.
OPINION What King Charles' schedule being too 'full' to accommodate son suggests about relationship with Prince Harry
Prince Harry, the Duke of Sussex, has made headlines with his recent arrival in the U.K., this time to celebrate all things Invictus. But upon the prince landing in the U.K., we have already had confirmation that King Charles III won't have time to see his youngest son during his brief visit.
Seafood, eat food: Calgary Stampede releases Midway menu
The Calgary Stampede has released its menu of sweet, salty and spicy treats available on the Midway for the Greatest Outdoor Show on Earth.
Ontario man devastated to learn $150,000 line of credit isn't insured after wife dies
An Ontario man found out that a line of credit he thought was insured actually isn't after his wife of 50 years died.
Boy Scouts of America is rebranding. Here's why they've changed their name
After more than a century, Boy Scouts of America is rebranding as Scouting America, another major shakeup for an organization that once proudly resisted change.
Trial begins for Winnipeg serial killer who claims he was mentally ill
The trial of a man who admits he killed four women in Winnipeg is set to begin Wednesday, and a law professor says lawyers for Jeremy Skibicki have multiple hurdles to clear for a defence of mental illness.
These adults born in the '90s partnered with their parents to buy homes in Ontario
An Ontario woman said it would have been impossible to buy a house without her mother – an anecdote that animates the fact that over 17 per cent of Canadian homeowners born in the ‘90s own their property with their parents, according to a new report.
New Canadian study could be a lifesaver for thousands suffering from CTE
A first-of-its-kind Canadian research study is working towards a major medical breakthrough for a brain disorder, believed to be caused by repeated head injuries, that can only be detected after death.