5 charged in alleged mortgage flip fraud

Police allege banks were used to obtain mortgages based on information supplied by a lawyer, but no bank employee was involved in the scheme. Vishnu Rajendra (Joey) Poonai, 52, a Brampton lawyer, was charged yesterday with defrauding the public and conspiracy to defraud the public.

The Toronto Star
October 17, 2003

5 charged in alleged mortgage flip fraud
Brampton lawyer, court staff arrested. Banks left on the hook, police sources say.
Bob Mitchell

A Brampton lawyer and three court employees are among those charged in a multi-million-dollar mortgage-flip fraud, police say.

Five people have been arrested so far in the investigation, which has been under way for the past 10 months, and more people are expected to be charged, police confirmed yesterday.

Police sources said at least a dozen GTA properties valued at between $7 million and $9 million were flipped and the mortgages allowed to go into default, with banks left on the hook.

It's believed the alleged fraud involved the purchase of cheap properties, which were then sold on paper for three to four times their value to another person connected with the scheme — with the profits being split among those involved.

The alleged involvement of the court staff was not related to their employment, police said.

One of those charged was arrested inside the courthouse about three weeks ago, police confirmed.

Police allege banks were used to obtain mortgages based on information supplied by a lawyer, but no bank employee was involved in the scheme.

Vishnu Rajendra (Joey) Poonai, 52, a Brampton lawyer, was charged yesterday with defrauding the public and conspiracy to defraud the public.

Also charged with the same fraud-related offences are Fouzan Beg, 22, and Manisay Visouvath, 31, both of Mississauga, Hy-Phui Liu, 25, of Brampton, and Denise Nadine Rennick, 30, of Bolton.

All of the accused are to appear in a Brampton court on Nov. 3.


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