Thursday July 18 , 2024
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The Bank of Montreal is suing hundreds of people in Alberta, including lawyers, mortgage brokers and four of its own employees, in what is one of the largest alleged cases of mortgage fraud in Canadian history.

Legal documents obtained exclusively by CBC News allege the bank was the target of a sophisticated fraud operated by 14 inter-connected groups. The documents claim the scheme generated at least $140 million, about $70 million of which was for phoney mortgages.

The bank has estimated it may lose as much as $30 million.

Toronto forensic accountant Al Rosen said he has never seen anything like it.