Local mortgage company charged with fraud
A mortgage broker and a mortgage brokering business, operating in Fredericton and Nackawic, have been charged as a result of a mortgage fraud investigation by the RCMP Commercial Crime Section in conjunction with two other agencies into allegations that a financial institution was being defrauded.
William Priest-Phillips of Nackawic and his company, Priest Phillips Management Corp., were both charged Tuesday with one count each of fraud over $5,000 and one count of uttering forged documents. The company Priest Phillips Management Corp. was operating under the name of DLC Priest Financial and the banner Dominion Lending Centre, while operating in the Fredericton area.
"Maintaining Canada's economic integrity is one of the priorities of the RCMP," states Inspector Lise Roussel, Officer in charge of the New Brunswick RCMP Commercial Crime Section. "Mortgage frauds negatively affect the real estate market. By protecting New Brunswickers against this type of crime, the commercial crime section is contributing to the reduction of crime in our community."
The charges are the result of a five-month investigation by the RCMP, the Fredericton Police Force, and the New Brunswick Securities Commission.
Priest-Phillips is scheduled to appear in Fredericton Provincial Court Thursday to enter a plea.