Former head of Ont. tech company charged in $6M fraud case
CTV
A years-long fraud investigation by the Ontario Provincial Police’s anti-rackets branch has resulted in fraud and other charges for the former head of BioNorth Technology Group, Frank Benincasa
A years-long fraud investigation by the Ontario Provincial Police’s anti-rackets branch has resulted in fraud and other charges for the former head of BioNorth Technology Group, Frank Benincasa.
North Bay OPP received several fraud complaints in July 2018 in relation to a $6 million syndicated mortgage investment into BioNorth Technology Real Estate, also operating as the BioNorth Tech Group. The investigation uncovered 60 alleged victims.
Acting Det. Sgt. John Armit told CTV News the case was referred to the anti-rackets branch in January 2019 because of its size and complexity.
Syndicated mortgage investments (SMIs) are a way for companies to raise development money. Several investors pool their money into a single mortgage, using the company’s land as collateral.
Benincasa, 59, is also charged with using forged documents to convince the investors to proceed with the SMI.
He is charged with fraud over $5,000 and using a forged document and false pretences to facilitate the fraud.
Armit said the documents were allegedly used to convince investors that the safety of the investment was “guaranteed.”
With the number of homeless people in Saskatoon at an unprecedented high, it’s no surprise people are looking for places to warm up.
The next chapter of the Lemay Forest saga has unfolded as the sounds of trees coming down could be heard Monday.
The stormy weather in the forecast for B.C.'s South Coast is already disrupting many Christmas Day travel plans.
A break in, theft, and continued property damage has led to the boarding up of the Palace Theatre over the Christmas holidays.
Police in Nova Scotia are investigating after two deaths in Truro, N.S., over the weekend have been ruled homicides.
Calgary police shut down Glenmore Trail overnight following a crash between a car and a crane truck.
Ontario's Human Rights Tribunal has awarded members of an Indigenous family in North Bay $15,000 each after it ruled they were victims of discrimination.
A heavy snowfall has guaranteed much of Quebec a white Christmas, but it has also sent cars skidding off the province's roads during the busy holiday travel period.
For many of the women attending My Sister’s Place (MSP) in London, Ont. the holidays are a difficult time.
RCMP in New Brunswick are investigating after a business in Janeville was broken into and a number of items were stolen.
Canada appears to be barrelling toward a spring election now that the NDP is vowing to vote down the government early next year -- whether Prime Minister Justin Trudeau stays on or not.