Lawyer Mario Mazzucco charged for $12 million fraud, Brampton

Investigators from the Peel Regional Police Fraud Bureau have made an arrest in a mortgage fraud investigation, and are seeking other victims who may have also been victimized by the suspect.

As a result of complaints from the public, investigators from the Fraud Bureau commenced an investigation into the suspect and his practices. Based on this investigation, officers allege that the suspect defrauded both his clients and various financial institutions.

Investigators allege that the suspect accepted personal funds, entrusted to him by his clients who believed that they were investing in registered mortgages. Instead, the clients discovered that their investments were worthless and that their money had disappeared.

Investigators also allege that the suspect acted on fraudulent mortgage and bank refinancing applications. In this scheme, fraudulent documents were provided to financial institutions, by individuals pretending to be legitimate purchasers looking to either secure a new mortgage or refinance an existing mortgage.

Once approval had been obtained, the financial institutions were instructed to advance the funds into a trust account, from where the money was diverted into the suspect’s account.

To date, the investigation has identified forty (40) victims and ten financial institutions that have been victimized, for a total loss of over $12 Million.

On Wednesday, March 2, 2011, Mario MAZZUCCO, a 61 year-old resident of Toronto was arrested and charged with the following offences;

· Defraud the Public,
· Fraud Over Five Thousand Dollars,
· Laundering Proceeds of Crime, and;
· Criminal Breach of Trust.

Mr. MAZZUCCO was held for a bail hearing and is scheduled to appear before the Ontario Court of Justice in Brampton on Thursday, March 3, 2011.