CALGARY – A man wanted for allegedly scamming an elderly couple of their house has turned himself in to police.
Richard William Hoffman walked into the arrest processing section building in downtown at 11:00 a.m. after police announced yesterday he was wanted in a loan scam.
The 38-year-old was wanted for selling a couple on a fixed income what they believed to be a reverse mortgage loan, but was actually an alleged scam to take their house and charge interest of 65 per cent.
The couple borrowed $84,000 under the scam and now owe $150,000.
Hoffman then allegedly began foreclosure on the couple’s southeast house but those proceedings were stopped by court injunction. The couple still live in their home.
Police say the investigation is still ongoing.
Hoffman was wanted for charging criminal interest rates and for unfair practices under the Fair Trading Act of Alberta.
smassinon@theherald.canwest.com
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