Altamira Financial

A Toronto mortgage broker, Sandy Sussman, faces fraud allegations after his firm, Sussman Mortgage Funding Inc., reportedly failed, leading to attempts by investors to recover over C$100 million. Investigators describe the operation as a Ponzi-style scheme, where returns to earlier investors were funded by newer ones, instead of legitimate mortgage loans. The Ontario Superior Court placed the firm into receivership, uncovering significant operational irregularities and a lack of proper financial recordkeeping, which has complicated efforts to trace investor funds. The case is drawing comparisons to infamous Ponzi schemes and highlights risks in syndicated mortgage investments.

A Toronto mortgage broker, Sandy Sussman, faces fraud allegations after his firm, Sussman Mortgage Funding Inc., reportedly failed, leading to attempts by investors to recover over C$100 million. Investigators describe the operation as a Ponzi-style scheme, where returns to earlier investors were funded by newer ones, instead of legitimate mortgage loans. The Ontario Superior Court placed the firm into receivership, uncovering significant operational irregularities and a lack of proper financial recordkeeping, which has complicated efforts to trace investor funds. The case is drawing comparisons to infamous Ponzi schemes and highlights risks in syndicated mortgage investments.