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Suspect Descriptions: 1) male, white, 20 yrs. 5‘10", long blonde hair, jeans and blue baseball cap. 2) Male, white, 20 yrs. wearing a white Tâ€"shirt Crime Stoppers will pay up to $1,000 for any information that leads to an arrest in this robbery or any other serious crime. You will not have to identify yourself or testify in court. Call Crime Stoppers at the tollâ€"free line of 1â€"800â€"265â€"2222. Remember Crime Doesn‘t Pay but Crime Stoppers Does. On Thursday, July 11, at about 1 a.m., a : through Soper Park, Cambridge, when he : males who asked him for a cigarette. After & they assaulted the man and stole his money through the park. The victim received a cut t Police say the ‘fraud was comâ€" mitted by first buying a legitiâ€" mate property at normal market value and doing minor renovaâ€" tions to convert it into a rooming house. The property would then be appraised, and because of the added income now available beâ€" cause of the tenants, the value of the property would sometimes double sn en nnennaine t Four of the properties involved in the scam are in Waterloo, but Dankert says charges will be laid in connection with only one propâ€" erty. The charges against Palmer are comnected with the nursing homes and properties on Victoria, Water, Maple and Mill Streets in Kitchener. Waterloo _ Regional _ Police Sergeant Doug Dankert, a detecâ€" tive with the fraud branch, says Palmer "and several associates who are currently being investiâ€" gated" were part of a larger scam that defrauded financial instituâ€" tions of $4 million and 15 private citizens of excess of $1 million "with no hope of recovery" "Six associates, along with sevâ€" eral numbered companies, were involved in flipping property beâ€" tween each other, and every time they did it, the property values were driven higher and higher," said Dankert, Dankert says police began an investigation in January after a tip from Crime Stoppers. A sixâ€" month investigation of the land registry files revealed the extent of the fraud, which involved more than 20 different properties in Waterloo region and nursing ho;nee in Mitchell and Chesley. Waterloo Regional Police say Christopher Palmer of Pinerow Crescent has been charged with three counts of fraud over $1,000 and four counts of using a false statement for his part in a scam that police say bilked more than $2.4 million from mortgage comâ€" pamies and private citizens. PAGE A4 â€" WATERLOO CHRONICLE, WEDNESDAY, AUGUST 21, 1991 A 25â€"yearâ€"old Waterloo man has been arrested in the largest real estate and mortgage fraud in the region‘s history. Waterloo man arrested in mortgage fraud The Fairway Group lncorborzlted 215 Fairway Rd. S., Kitchener, Ont. August 21, 1991 Second Class Mail Registration Number 5540 Published every Wednesday by Waterloo Chronicle _man and stole his money. The suspects then ran The victim received a cut to his face and a swollen Robbery Dankert says charges against the five other suspects will likely be laid "within the next couple of weeks." All but one of the susâ€" pects are in their 208. Police are continuing to investiâ€" gate to determine if there was any improper activity by the lawyers, appraisers, real estate brokers or agents connected to the property sales in question. ert the property which obviously isn‘t worth the value it has been appraised at and the owner gets away with the money." The private citizens, including an 80â€"yearâ€"old Cambridge farmer, lost their money by investing in the mortgage companies involved in the deals, usually in the form of second mortgages, says Dankâ€" a.m., a man was walking home "In the end," said Dankert, "the defrauded mortgage comâ€" pany would be left to take over In the meantime, however, the legitimate and lower offer to purchase would be accepted using the rewly acquired mortgage money, even though the land transfer had been registered at r.hg' inflated price. The next step involved a third person who would then make a legitimate offer to buy at a fair market price and a fourth who would make a fictitious offer at an inflated price. Again, an inâ€" flated appraisal would be obâ€" tained because of both the income and the inflated offer to buy. A new mortgage would then be ob}ained on this higher price. The first purchaser would then do a quick flip sale to a second associate at the inflated appraisal value and the new buyer would then apply for a mortgage, collect the rent and default on the mortâ€" gage payments. n he was approached _by two After gi_n_'_ng them a cigarette, Using the inflated appraisal, the owner would then apply for a new mortgage. After receiving the money, as well as the rental income, the owner would then default on the mortgage payâ€" ments within a short period of time. * 478 Albert St., Waterloo g + 50 Westmount Rd. 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