Men from Oakville and Hamilton are facing charges after Waterloo regional police uncovered a renovation fraud scheme which had occurred across southern Ontario.
According to police, the scam would see two suspects telling victims that they were in the financial advice and debt consolidation field with a focus on helping those who were looking to pay off liens against their homes.
Police say the suspects would use high-pressure tactics and misinformation to get the victims to obtain several mortgages in a short period of time, leaving the homes heavily leveraged.
The money was then used in part to pay off the liens while the swindlers would also take a cut for consulting fees and lending fees and charge the remaining amount in overpriced renovations, according to police.
They say several victims have come forward from Waterloo Region as well as others in Welland and Oakville, with one suffering losses of $700,000 as a result.
A 33-year-old man from Hamilton and a 28-year-old man from Oakville are facing numerous fraud and other charges in connection to the case.
Police are also reminding homeowners that they should use reputable mortgage brokers and companies when getting a mortgage.
They also suggest getting a trusted individual or lawyer involved to look over important financial documents before signing.
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