Calgary’s $12 million Mortgage Fraud Case
Ali El-Sayed & Co-Accused to Stand Trial
Three people stand accused of one of the largest cases of mortgage fraud to take place in Calgary’s history. Ali El-Sayed, the ringleader and sole shareholder of Ramses Holdings Inc, along with two co-conspirators are accused of defrauding numerous financial institutions using straw-buyers to take out fraudulent mortgages.
The case involves 22 properties and 14 straw-buyers who were persuaded to assist the three suspects by offers of “investments”. The accused provided the buyers with doctored home appraisals to obtain vastly inflated mortgages for homes.
The dupes in this scheme were paid between $3-5 thousand for their services and were told that the suspects would assume the payments on the loans. However, the masterminds behind the scam took the loan money and ceased payment on the mortgages after only a few months and left the straw buyers with an inflated mortgage to pay off themselves. None of the money stolen in this case has been recovered.
El-Sayed has been charged with 23 counts of fraud and one count of extortion. The date for the trial will be set in mid-September.