Three-year fraud investigation leads to four arrests
After a three-year investigation, criminal charges have been handed down to three individuals who are accused of defrauding a financial institution that provides loans to homeowners.
According to the RCMP, David Caporiccio, Italo Sabato and Daniel Plechac, all from Toronto, were arrested and charged with fraud over $5,000 for providing false leases and false financial information in order to secure a loan from an unnamed financial institution.
RCMP investigators say the men claimed the loan would be going toward the purchase of equipment for home improvements, but authorities believe they were planning on using the money for other reasons.
Art Pittman of the RCMP Greater Toronto Commercial Crime Section said the successful investigation helps support the economic security of all Canadians.
The investigation isn't over, however, as Pittman said an arrest warrant has been issued for Srabit Singh, also of Toronto, who is believed to have participated in the fraud attempt.
Fraud has reached epidemic levels in Canada, particularly auto insurance fraud. The Insurance Bureau of Canada estimates that insurance fraud costs policyholders approximately $542 million annually.