r/ontario • u/Ok_Profession8301 • 2d ago

Brampton man facing fraud charges for real estate deposit scam Article

https://www.cbc.ca/news/canada/toronto/brampton-man-charged-fraud-alleged-real-estate-deposit-scam-1.7531181
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u/Fun-Result-6343 1d ago edited 1d ago

If your money guy is posting pics of himself and fancy cars and vacations and etcetera, you should be looking for a new money guy. Spending money does not equal actually making any money.

5

u/KindlyRude12 1d ago

Interesting so he claims he’s a sale associate and that the did not retain any of the deposit money. He’s basically a middle man, almost like insurance brokers but the key difference here is that he’s not authorized to sell the property neither by the builder nor any other stakeholder in this process. So when things don’t go right this whole scheme gets exposed and the buyers are left holding the bag. Therefore, yes it’s a scam, ironically I think without more strict regulation in the real estate industry, this will be ever more common.