March 6, 2018

There’s always something going on!

Police in Toronto say four people are facing charges after a mortgage fraud investigation lasting nearly five years.

Four men between the ages of 45 and 53 are due in court Tuesday on charges including fraud, conspiracy, forgery and money laundering.

Police allege the men, who are all from the Toronto area, took part in a “sophisticated and complex” scheme involving “several high-end properties.”

They estimate the value of the alleged fraud at $17-million.

According to a statement from Toronto police, officers with the force’s financial crimes unit began investigating the alleged fraud in the spring of 2013.

I’m always suspicious when frauds like this are described as being “sophisticated and complex”, because so often it boils down to “somebody lied and nobody checked”. I’m reminded of a crime story I read eons ago, in which two detectives are talking after their shift and one says he cracked a fraud case that day. He said that the staff at the victimized office were awed by the ingenuity of the swindle, and that he didn’t get it. It was just the same old story, he said. Dumb stealing from Dumber.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.1208 % 3,060.7
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.1208 % 5,616.3
Floater 3.25 % 3.46 % 113,616 18.55 4 -0.1208 % 3,236.7
OpRet 0.00 % 0.00 % 0 0.00 0 0.0941 % 3,165.9
SplitShare 4.69 % 4.09 % 65,216 3.31 5 0.0941 % 3,780.7
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0941 % 2,949.9
Perpetual-Premium 5.62 % 4.61 % 80,039 0.79 11 0.1367 % 2,828.3
Perpetual-Discount 5.35 % 5.51 % 90,370 14.59 23 0.2317 % 2,926.7
FixedReset 4.26 % 4.59 % 169,161 5.93 102 -0.0544 % 2,512.4
Deemed-Retractible 5.19 % 5.76 % 94,479 5.76 28 0.2433 % 2,908.0
FloatingReset 3.01 % 3.01 % 37,008 3.68 10 -0.3399 % 2,756.6
Performance Highlights
Issue Index Change Notes
SLF.PR.J FloatingReset -1.76 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.50
Bid-YTW : 6.51 %
PWF.PR.Q FloatingReset -1.10 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-03-06
Maturity Price : 21.35
Evaluated at bid price : 21.66
Bid-YTW : 3.14 %
BAM.PR.R FixedReset -1.04 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-03-06
Maturity Price : 20.91
Evaluated at bid price : 20.91
Bid-YTW : 4.89 %
MFC.PR.C Deemed-Retractible 1.05 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.20
Bid-YTW : 7.35 %
IAG.PR.A Deemed-Retractible 1.15 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.91
Bid-YTW : 6.85 %
Volume Highlights
Issue Index Shares
Traded
Notes
BNS.PR.H FixedReset 659,210 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-01-26
Maturity Price : 25.00
Evaluated at bid price : 25.87
Bid-YTW : 4.04 %
TD.PF.C FixedReset 268,662 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-03-06
Maturity Price : 22.82
Evaluated at bid price : 23.17
Bid-YTW : 4.52 %
TD.PF.B FixedReset 268,400 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-03-06
Maturity Price : 22.86
Evaluated at bid price : 23.31
Bid-YTW : 4.52 %
BNS.PR.E FixedReset 150,637 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-04-25
Maturity Price : 25.00
Evaluated at bid price : 26.29
Bid-YTW : 3.96 %
PWF.PR.P FixedReset 115,930 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-03-06
Maturity Price : 19.78
Evaluated at bid price : 19.78
Bid-YTW : 4.30 %
NA.PR.E FixedReset 102,637 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-03-06
Maturity Price : 22.90
Evaluated at bid price : 24.32
Bid-YTW : 4.65 %
There were 30 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
BAM.PF.B FixedReset Quote: 23.97 – 24.39
Spot Rate : 0.4200
Average : 0.2642

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-03-06
Maturity Price : 23.45
Evaluated at bid price : 23.97
Bid-YTW : 4.81 %

SLF.PR.J FloatingReset Quote: 19.50 – 19.90
Spot Rate : 0.4000
Average : 0.2664

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.50
Bid-YTW : 6.51 %

BAM.PF.E FixedReset Quote: 23.75 – 24.11
Spot Rate : 0.3600
Average : 0.2429

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-03-06
Maturity Price : 23.43
Evaluated at bid price : 23.75
Bid-YTW : 4.79 %

MFC.PR.M FixedReset Quote: 23.38 – 23.67
Spot Rate : 0.2900
Average : 0.1824

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.38
Bid-YTW : 5.34 %

IFC.PR.A FixedReset Quote: 20.50 – 20.80
Spot Rate : 0.3000
Average : 0.2075

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2025-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.50
Bid-YTW : 6.94 %

TRP.PR.F FloatingReset Quote: 20.22 – 20.55
Spot Rate : 0.3300
Average : 0.2464

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2048-03-06
Maturity Price : 20.22
Evaluated at bid price : 20.22
Bid-YTW : 3.76 %

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