First posted: Monday, July 11, 2011 12:41:25 EDT PM
Three GTA residents accused of bilking financial institutions of a total $600,000 after receiving loans face multiple criminal and business infraction charges.
The 47 Criminal Code and Canada Small Business Financing Act charges were laid after an RCMP, Industry Canada and the Royal Bank of Canada (RBC) investigation, they announced Monday.
The trio is accused of submitting false documents, reports or information, and failed to use loan funds for their stated purposes, investigators said, adding RBC staff first detected irregularities including one person’s defaulted loan.
The Mounties’ commercial crime section was alerted and other banks began reviewing similar applications.
Miriam Cohen, 30, of Willowdale, is accused of submitting fraudulent for forged documents to four banks for equipment and upgrades to leased property.
Investigators claim the upgrades “were never completed.”
Cohen faces 23 fraud-, conspiracy-and forgery-related charges.
Others facing a total of 11 criminal fraud and conspiracy charges each are Marshall Kazman, 55, and Gad Levy, 44.
“The RCMP’s Commercial Crime Sections deal with a wide range of white-collar crimes such as currency counterfeiting, commercial fraud, mass marketing fraud, fraudulent bankruptcies and insolvencies, and cases of corruption and theft in which the government has been victimized,” Insp. Rick Whattam, commander of the GTA Commercial Crime Section, stated. The trio is due to appear in a Finch Ave. W. court on Thursday.
If convicted, penalties can range from as much as a $500,000 fine or up to five years in prison under the Canada Small Business Financing Act, plus up to 14 years in prison for the criminal charges.