Man charged in $600k mortgage fraud, second suspect wanted

Editor’s note: This story has been updated as charges against a suspect previously named in this story were withdrawn

Investigators from Peel Regional Police have arrested and charged a man in relation to an alleged mortgage fraud in Brampton, and are now appealing for the public’s assistance in locating a second suspect.

Police say that in 2021, Dreamz Holdings Limited, a private lending company owned and operated by the victim, was approached by a mortgage agent regarding an investment. The victim was then deceived into facilitating a second mortgage worth over $600,000 for what he was told was a gas station business in Barrie, police say.

When the lender did not receive any payments, police say he unsuccessfully tried to locate the borrower but soon learned that the information used to apply for the mortgage, including photo ID, was falsified.

When the victim reported the incident to police, investigators identified the second suspect as Stephen Spencer, 53, who is wanted for obtaining goods based on forged documents, fraud over $5,000, uttering forged documents and using a counterfeit stamp.

On Oct. 4, the first suspect was arrested and charged with fraud over $5,000. Court documents provided to CTV News show that the charges against the accused were subsequently withdrawn.

Anyone with information regarding this incident is asked to contact Peel Regional Police.