Toronto man wanted after allegedly obtaining more than 10 million dollars in fraudulent mortgages
Yuansen Fu (Handout by Toronto Police Service)
Police are warning the public about a mortgage fraud scam after a Canada-wide warrant was issued for a Toronto resident accused of raking in more than $10 million from the alleged scheme, police say
Toronto police allege that 23-year-old Yuansen Fu, working with a female mortgage broker, targeted law firms in the Chinese community.
According to police, Fu used the name ‘Lucas’ and, using fake identification, set up fictitious lenders, borrowers and companies in order to obtain private mortgages.
They say Fu then used fake identities of real people in order to place the fraudulent mortgages on the victims' homes without their knowledge
To date, over ten million dollars in mortgages have been obtained by Fu, according to the force, and the scam has targeted several law firms throughout the Greater Toronto Area.
A Canada-wide warrant has been issued for Fu. He is wanted for one count of conspiracy to commit an indictable offence, one count of fraud exceeding $5,000 and one count of uttering forged documents.
The charges have not been proven in court.
Police say Fu is known to frequent Vancouver, and is believed to be armed and dangerous. They are advising against approaching him, if seen, and instead say to immediately contact local police.
“Investigators are advising the public, especially those in the mortgage and legal professions, to scrutinize all identification and be vigilant in confirming the identities of individuals in real estate transactions,” the release said.
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