Canadian Mortgage Fraud Nightmare! Market Update
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- Опубліковано 20 чер 2024
- Tragic Mortgage Fraud Exposed!! Events happened involving mortgage fraudsters that led to a shocking act of violence. Learn about the devastating story of a man who, driven by the loss of his life savings, took extreme measures against the fraudsters. We'll also explore the equity release program, a key option for homeowners looking to access funds from their home equity without payment obligations. In addition, we'll discuss a recent streetcar derailment that has brought Toronto’s King Street eastbound traffic to a standstill, highlighting ongoing transit challenges in the city. Stay tuned as I share five crucial tips to protect yourself from mortgage fraud, discuss the benefits of equity release, and provide insights into Toronto’s transit issues. If you haven't already, make sure to subscribe to the Wise Old Owl Podcast on Apple Podcasts, Spotify, and our UA-cam channel for new episodes every Monday at 5 PM.
This week’s episode is packed with essential information and real-life lessons. Don’t miss out on these important discussions! Subscribe, like, and hit the bell icon to stay updated. Share your thoughts and experiences in the comments below. Stay safe and informed!
At OwlMortgage.ca, we’re reframing mortgages. Gone are the days of daunting contracts that laden you with debt. Our educational and empathetic approach considers your needs and wants from your home to make it work for you. We offer a helping hand regardless of your learning style or where you are in your home-buying journey. Whether you're self-employed, salaried, or retired, and looking for a first home, renewing, refinancing or consolidating your debt, the team is here to help.
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Do you think it was deserved? Thanks for watching!
Honestly sounds morbid, but I’m assuming they stole his life so he just went over the edge. I’m assuming other vampires who doing this are watching their back.
He was sunk by his own greed and stupidity, but instead of being a man about it he soiled his mandiapers and went full Michael Douglas. The police need some sort of cyber surveillance system to keep an eye on these lower and slower manbaby types, AKA The Usual Suspects.
It's one big circus, blame doesn't come into it yet. But it will...
Yes it was!! Unfortunately the victim died!! I would have been ready to flee to a country with no extradition treaty to Canada!!
@@nitsakalkinis4135 Yes, it was very poorly planned, especially shooting them near a daycare. I guess his problem was he lost all his money through his own greed and stupidity, so financing a proper escape would have been hard, and you are talking about North Korea, Russia, and almost nobody else.
The consequences of a broken justice system is that people will take the law into their own hands.
Agreed..someone had to stop these guys
I havebeen expectig druggies and homelessness to meet similar social justice for some time now. Areas destroyed by social blight affect innocents who suffer in silence. It can’t continue forever.
Third world style…
@@jasperalberts7647
Basically…
The consequence of a broken society, from the moral degeneration of its people is that everything will break. We will enter the 3rd world.
I have zero problem with it. Scammers deserve justice and so far laws aren't providing it
It's hard to feel bad for the cons, It is a crude dark age unnessasary form of justice, no one wins. I would prefer real Justice! Trudeau's corruption has cost over a million innocent Canadian lives...by drugs, suicide, crime, vax, lack of medical services, poverty and crime.
Agreed. Just bad policy. When people are not held accountable and they can or have options to behave in a way to do unjust to others, some victims will do the unthinkable when they feel like they’re hitting rock bottom and find themselves being helpless.
@@EricZ726 I personally know one senior lost his entire life savings to internet scammers. Ended up dying two years later living in a friend's basement. Almost a million stolen. International criminals domestic laws..
@@dougiep2769sickening.
I do agree!
He is a Hero. They are allowing the fraud. I would expect this will happen again. The consequences are not deterring people from preforming illegally.
He might be a hero but how was it fraud thou. He himself invested money in this scheme, I think it was a private mortgage lending scheme which pays like 15% return on money. Come on, we all know they are scams. I grew up in India and I remember my dad investing 20k in an investment firm, it was not a mortgage lending company, just market investing. The company paid returns for abt 2 years and then the owner of the fund just collected all the money overnight, ard 30 million and escaped from the country. I remember seeing my dad depressed and really sad at that time but I always told him its just money and it wasnt all his money. After that he was still able to help me get thru uni and live his life. This type of fraud hits very close to me but we need to make smart decisions.
This is called, F around and find out!!
This story should be made into a movie.
tarantino style
Welcome to Scamada! Unfortunately we will see more stories like this. The fraudulent activities are on the rise and the justice system keeps failing the real victims.
They stole his life, he took theirs. The only wrong I see is the original theft by the criminals.
His name was Alan Kats. Thank you for your sacrifice sir. Sleep well other scammers. Street justice is cheap, quick and effective.
The man is a hero! My condolences to his family.
Only Olivia Chow could spend so much money on a street name only for people to say they will continue to call it Coxwell anyway. 😂
This is a sign that our police and judiciary system has failed.
it's been a failure for a long time
What a massive failure of the state. If the legal system can't resolve the issue in a way that is truly satisfactory then its highly probable that more of this sort of thing will inevitably happen.
it will resolve the issue like a doctor who does successful surgery on himself. its been done before, and we know how likely it is
There is no justice for good people anymore. I am shocked that this isn't happening more often.
Nor even for greedy halfwit losers that invest in mortgage scams, and then go full manbaby when they lose what should have been plenty. The police need to keep a closer eye on the lower and slower classes. They tend to be both greedy and stupid, and that can cause problems for their betters.
GTA is fucked up. I’m happy where I’m now in Barrie after 31 years living in a bubble head wrapped down there. I never swear in traffic while living there and lately I did as soon as I got to 401, and it’s even worst on streets. Housing price is half price cheaper and everything else. Life quality is 1000 times better. GTA is a shit hole now. Lol
That’s karma. The courts failed him and are equally responsible for this.
Good... hopefully this sends a message to fraudsters
No consequences for scammers in Canada!! Come to Canada and get to be a criminal Government will even help you out!!!
While I sympathize with the victim I thought he was completely unaware of the scheme and the risks. Reminded me of mortgage backed securities way back in 2005 and NINJA loans. I have been saying that mortgage fraud is a ticking time bomb in Brampton too. Slightly different but similar. I would be completely shocked if another incident like this happens.
Machetes coming out? That area can be a bit more 'primitive'
Never invest your money with an ex used car salesman
i bought a car from a busted car salesman once. it was filled with crude oil, these ppl are insane.
luckily the engine started working again with real oil.
The wife said the scammers " convinced" them to take out a home equity line of credit and invest it in mortgages. She said the scammers lawyers arranged the deal.
Sad. Justifiable homicide IMO.
How thou, you are a grown ass man, Alan Kantz was 35 years old i think. People need to make smarter decisions with their money. I am not victim blaming but we all know that these private mortgage lending investment schemes are just ponzi schemes.
Wow, wow. I was not surprised when I heard the last names. This is why I never do business with the people with last names from certain countries. There are so many scammer from those countries. Trust me. I learned it hard way. It's better to save the headache and avoid them
I had the same thoughts.
Cut your racist bullshit. White people pull just as much crap. My inlaws are Punjabi and you will never find better people. This is a HUMAN issue, not a race issue.
I'm assuming this is a bit of a right-wing or small C conservative group. Those who invest in real estate. Far from homogeneous, but similar values.
But if this was posted on Twitter you would see the comment,
"I don't feel too bad for the guy who lost his life and life savings and left a widow and child. My biggest concern is that people will start to judge some ethnic communities unfairly".
It doesn't matter who you are doing business with. Do your due diligence thoroughly..... as was eloquently described in the video. Past is prologue and look for patterns.
What a sad story, I know exactly how would that feel since it happened to me personally investing in fake heavy equipments from China. May he rest in peace.
I wish to be able to help this victim's family. Sorry for him and his family. Shame on Canadian government, justice, and law enforcement as well as those money-hungry scammers
Poor guy...sad.....those POS ...not worth it...private mortgages are for D level borrowers...banks wont touch that
We live in Candia or Scamdia.
Scamada. Shitish Columbia.
Hats off to Mr. Katts for taking these 2 scumbags off the street. Something OUR government should be doing!!. So sorry he took his own life in the process. Prayers go out to his family. 😢
These scammmers are protected by the corrupt system(they all seem to feed off each other) ,the lawyers in this case are either inept or corrupt as well .Mortgage fraudsters will heed this warning ,not by stopping their corrupt ways but by making sure the better protect themselves and have better securities, as a leopard can't change its spots.We only wish this incident would change their ways.
The gunman became judge and jury
Good
If people always get arrested for mortgage fraud, brampton would be empty 😂
They were all greedy
To put simply, Greed destroys him
Thanks for reviewing this, Vince! Awesome and informative channel.
Glad you liked it!
if it ain't being fixed at the high level, well guess who is taking advantage of it the most.
Very sad to hear about the killings... loosing money to con artists is horrible. Good advise from you to check the brokers are insured. Very scary out there, hope information is on board and legal.
The industry should be self regulating I should not have to do all of these things it's absurd. You guys need to earn your salt and actually add some value despite all of the massive fees and other costs associated with you guys I haven't seen a single benefit. What is the point of hiring a realtor to act on your behalf if you cannot trust them to have a fiduciary responsibility to act on your behalf and have to hire a lawyer to go over the contract? Your whole profession is a complete trash bin.
I like your shows , always very informative 👍
This will happen more and more as people are becoming more desperate. Given the situation the government is putting people in. It’s a matter of time before the government will become targets. Let’s be honest….. if public outcry isn’t getting to their deaf ears, people will resort to different tactics and measures.
Sadly that may be true but it will result in government clampdowns loss of personal freedoms. Some have even proposed that is part of the plan if you want to go down that road.
@@stevew4117 Agreed, but look what's happening already with the Palestinian movement. If that top blows local agencies don't stand a chance. And military can only handle so much. Resources here a far vast then their own country and no one should be naive to the situation. Personal freedom only applies to those who follow regs.
@@rrusselljr67 agreed if that top or some other blows it will result perhaps in chaos. It is never pretty when things come to that. It usually results in misery for all. A free society has room for many opinions but if one person's freedom denies another's freedom there will be problems. I don't think I have to go into the details and the personal decisions that will have to be made
@@stevew4117 no sir.. Glad to see common sense prevail.
It was a preventable event your association had they any care for the public could have stopped
Greed can make you blind
The LAWS/RULES for these types of investments need to be overhauled. Unless you are a third generation, born in Canada you should not even be allowed/permitted to open an Investment Business/Company, in this country.. What happened in 2007/2008 in America should be EYE-OPENING.. The World and Governments were already in that business ... at the Citizen's expense.. The Criminal Government was not even brought to justice.. It's been going on sense before 1929..
I hope it doesn’t snow. Snowploys are not going to be able to clear snow. It’s going to cost lots of money to remove curbs OR new plows
My mortgage broker scammed me $35,000 because the law is on his side and he knows it would cost me way more 💰 to take him to court, so he wins as I wait for karma ☝️
File a complaint with FSRA (Financial Services Regulatory Authority of Ontario).
@@wiseoldowlshow the system is set up to fail those who fight back and spending $50g to get back $35g is absolute nonsense🙏🏻
If there are complaints post them. Public information is not defamation.
I would argue it is a failure of FINRA to allow this shady character to continue doing business with the public despite them having published openly data to indicate you should not do business with this person that is a failure of the organization to disseminate information in a timely and meaningful way which would have prevented this. Your organization really needs to taking a long hard look in the mirror
Chows Toronto circling the drain at an accelerated pace, just like Canada.
Deterrence.
There's going to be a lot more sad stories like this as Canada's housing market turns increasingly toxic for investors in the coming months.
There should be realtor insurance if this is the state of the industry nobody should be expected to have to do all of this ******** just to figure out if a guy that is supposedly supported by the industry is in good standing or not the organization that found him in bad standing should have had him removed from doing any business such as that in the country and if they don't have the capability of doing that what is the point of having a professional organization which presumably can a license out their membership?
Good riddance. Condolences for the family of Mr katz.
Sorry man. I do like your content. But investing in mortgage lending as a private investor is a bad idea unless you are a multimillionair and it should only represent money you can afford to lose. Regular mom and pop investors shouldnt be involved in this kind of investment - period.
Absolutely, like I said in the video everyone needs to be fully aware of the risk behind these investments and the fact that they can lose it all! Thanks for the comment.
Hence, a good vigilante . . . but he should live. . .
Good advice. ❤
Glad it was helpful!
Interesting video
Glad you think so!
If the same Gov. Is destroting the economy and rise taxs the people will learn how to became the same!! We have a social problems no more values and respect for the law. People are taking actions to protect themselves
The justice system is responsible for this tragedy. It is impossible to get justice in a reasonable time frame.
Sad
He did what he have to do, RIP
This is a warning to future scammers
I hope those who are doing reverse mortgages are not doing them to cover their kids mortgages or debts!!! They have no idea what they will need as they age, the kids need to fix their life on their own, just as their parents did!!! I hope you are advising against it
Brokers can go BK and steal agents comission and start right up again gotta love the regulators
Any updates from CRA to scan screen and approve every single mortgage so those incomes are real? @Vince
Nothing yet...
I like this theme lets apply it to federal playground
Any arrest for mortgage fraud
Underreported story of issues on lending out money. Unfortunately, laws arent going to protect you much.
I don't like the part he took his own. Not necessary, the rest, well done.
When I give money to a private mortgage, I get registered on the title. Don't you offer your clients the same?
where is eglinton lrt lol
Did they will all the corrupt funds to there children
It’s sad that Alan Katz took his own life after. I feel so sad for the family he left behind. Huge tragedy 😔
Look at who is doing all the crime
Don't be racist. White people do it all the fucking time.