Hamilton Lawyer Debarred for Land Flip Scheme

It that Hamilton was the home of a previous land flip scheme investigated by the Hamilton Spectator in 2001.

Lawyer, Edwin Wayne (Ted) Adler, 65 has been debarred from the Law Society of Upper Canada for a multi-million dollar mortgage fraud scheme.

According to The Spec’s report:

“The Law Society ruled that Adler participated "in a dishonest, fraudulent, criminal or illegal scheme to obtain mortgage financing based on inflated purchase prices" in 1998 and 1999.”

[…]

“Properties were bought by "straw man" buyers from legitimate and unsuspecting vendors at market value. The homes were then resold and flipped a number of times over a short period by interim buyers for prices that ballooned by 53 to 203 per cent.”

[…]

“The Spectator investigation revealed that one home on Robert Street was run through the fraud procedure twice.

It was bought for $49,000 and flipped to $99,000. The owners defaulted and the house was again purchased in a power of sale for $49,000 and flipped to $84,900.
The Spectator probe found that one sale handled by Adler was purchased by Dominic Musitano Jr. of the Musitano crime family for $67,000.

The home was then sold six months later for $138,000 to a man who was impersonating someone else. That person defaulted on the mortgage and then disappeared.”


Ok, can someone tell me how this differs from Valeri’s land flip deal?