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2 men charged in connection with real estate fraud: Montreal police – Montreal

Posted on 02/11/2023 by Iqbal Nugroho

Montreal police say two men were arrested last month in connection with real estate fraud and appeared in a Montreal courthouse on Wednesday to be formally charged.

In a news release, Montreal police said Mark Blumenthal, 51, and Constantin Niphakis, 42, were arrested on Nov. 15 in Côte Saint-Luc for defrauding around 10 people of more than $1.5 million.

According to police, the duo runs a business called J’achète des maisons CA$H or, translated into English, I pay cash for homes.

The pair would present themselves as investors looking to renovate homes and resell at a profit.


Click to play video: 'Montreal-area woman who works with seniors scammed out of $15,000'

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Montreal-area woman who works with seniors scammed out of $15,000




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Police allege they would entice potential homeowners with the prospect of a quick transaction.

“They were often in a vulnerable situation,” said the police of the victims.

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After signing a sales contract in front of a notary or lawyer hired by the pair, the sellers will receive an on-site cash payment representing a portion of the total sale value.

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Montreal police warn of phone scam targeting seniors

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Police said the victims were told they would receive the rest of the payment after the house was flipped but within a one-year maximum time frame.

As part of the scheme, police said the alleged fraudsters would also take out a significant mortgage loan with a private lender without ever renovating the home or fulfilling any of their obligations.

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International students and offshore banking flagged in Canadian real estate money laundering

As a result, the lending agency would seize the property while the alleged fraudsters made off with the money obtained through the loan.

“Meanwhile, the victims are waiting for a second payment that will never come,” police wrote in a French news release.

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Police are asking anyone with information on the activities of Blumenthal and Niphakis to call 911 or the Montreal Info-Crime line at 514-393-1133.

None of the allegations have been proven in court.

Police are warning Montrealers to exercise caution when it comes to real estate transactions.

“Beware offers that seem quick and advantageous,” police said.

They also recommend dealing with professionals you’ve chosen yourself and whom you trust.

Other tips to protect yourself are available on the Canadian Anti-Fraud Center website.

&copy 2022 Global News, a division of Corus Entertainment Inc.

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  • How 19th Century Brooklynites Celebrated the New Year
  • Wednesday season two may be leaving Netflix
  • Is Housing Inflation Slowing Down? Trends To Look For In 2023
  • BUSINESS BRIEFS: Big sale by realtor Nikki Carchedi; Berkshire Money Management new hires; BEAT debuts Berkshire Green Drinks; Strong Little Souls receives
  • Rutgers Wrestling lands four in Midlands Semis, four others still alive

alternative ways to sell your house buy my house home realtor home sellers house buying companies house realtor houses how do you search by mls number? how to sell your home online how to sell your house by owner how to sell your own house my realtor national association of realtors realtor realtor.com find a home realtor.com florida realtor.com mi realtor.com official site realtor.com rentals realtor.com texas realtor definition realtor homes for sale realtor logo realtor md realtor nc realtor near me realtor net realtor on realtor one realtor pa realtor pronunciation realtors realtor websites sell home by owner sell home for cash sell home online sell home quick selling a house sell my home sell my own home steps to selling a house by owner the realtor the realtors what does a realtor do yahoo real estate listings

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