2 men from Hamilton, Oakville charged in Waterloo renovation scam

Waterloo Regional Police have charged one man from Hamilton and one man from Oakville in connection with a renovation fraud scheme.

Police say that the accused pretended to be in the business of providing debt consolidation and financial advice to assist homeowners in paying out Notice of Security Interests (NOSI), commonly known as liens, that are held against their home.

The duo allegedly used high-pressure tactics and misinformation in an effort to convince victims to obtain multiple mortgages quickly and leverage the home’s equity.

READ MORE: Hamilton Police investigating 3 swatting incidents reported in 3 days

The money was then used to pay out the NOSI’s with any additional money being redirected to the accused to pay themselves consulting and lending fees and charging the remaining amount in overpriced renovations.

Several victims have been identified including three in the Waterloo region, one in Oakville and one in Welland. At the time the total loss to victims is estimated at $700,000.

A 33-year-old man from Hamilton and a 28-year-old man from Oakville with five counts of fraud exceeding $5000 and five counts of possession of property obtained by crime.

The accused are scheduled to appear in court next Wednesday.

READ MORE: ICU patients diverted from Hamilton General Hospital due to staff shortage