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 |
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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 |
SLF.PR.J | FloatingReset | Quote: 19.50 – 19.90 Spot Rate : 0.4000 Average : 0.2664 YTW SCENARIO |
BAM.PF.E | FixedReset | Quote: 23.75 – 24.11 Spot Rate : 0.3600 Average : 0.2429 YTW SCENARIO |
MFC.PR.M | FixedReset | Quote: 23.38 – 23.67 Spot Rate : 0.2900 Average : 0.1824 YTW SCENARIO |
IFC.PR.A | FixedReset | Quote: 20.50 – 20.80 Spot Rate : 0.3000 Average : 0.2075 YTW SCENARIO |
TRP.PR.F | FloatingReset | Quote: 20.22 – 20.55 Spot Rate : 0.3300 Average : 0.2464 YTW SCENARIO |