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Taxpayers could be on the hook for millions of dollars after authorities linked a Calgary-based group to what they’re calling a complex mortgage-fraud scheme.

After a lengthy investigation dating back as far as 2007, the Alberta Law Enforcement Response Teams (ALERT) said they have uncovered a mortgage fraud connected to more than 20 homes in Calgary, Fort McMurray and British Columbia, ranging in price from $300,000 to well over $1 million.

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“The ultimate victim here is the Alberta taxpayer,” Staff Sgt. Martin Schiavetta said Thursday at Calgary police headquarters at the Westwinds campus.

He said many of the fraudulent, high-ratio mortgages were insured through Canada Mortgage and Housing Corp., a federal Crown corporation.

Four people were arrested Dec. 10 and face a total of 29 criminal charges, including organized crime, conspiracy to obstruct justice, fraud, money laundering and sex assault.

Photo by Leah Hennel / Leah Hennel

The individuals are Ricco King, 42, who is from Fort McMurray but resides in Calgary; Farhan Sattar, 35, who is from Golden, B.C., but resides in Calgary; Jared Jenkins, 30, from Calgary; and Santino DiMarzo, 30, from Calgary. Sattar, who is also charged with sex assault, allegedly committed the offence against a female associate, say police.