Canada Lenders demand repayment on luxury Coal Harbour condo owned by accused fraudsters

01:50  29 june  2020
01:50  29 june  2020 Source:   vancouversun.com

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a large building: A unit owned by Kevin Patrick Hobbs and Lisa Angela Cheng at 1281 W. Cordova Street is the subject of forfeiture proceedings, and now a lawsuit over its mortgage. © NICK PROCAYLO A unit owned by Kevin Patrick Hobbs and Lisa Angela Cheng at 1281 W. Cordova Street is the subject of forfeiture proceedings, and now a lawsuit over its mortgage.

The mortgage lenders for a luxury Coal Harbour condo under a freeze order because of an alleged $30-million crypto-currency fraud have filed a court application to be repaid.

In a suit filed in B.C. Supreme Court on June 25, Charles William Funaro and Gino Muoio Holdings Inc. say they are owed nearly $1.63 million for a mortgage on a condo at 1281 Cordova, which includes the $1.6-million principle and interest.

The pair issued the mortgage to Kevin Patrick Hobbs and Lisa Angela Cheng on Dec. 20, 2018.

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Repayment Explained. When consumers take out loans, the expectation by the lender is that they will ultimately be able to repay them. The structuring of some repayment schedules may depend on the type of loan taken out and the lending institution. The small print on most loan applications will

“Demand has been made on the borrowers for the payment of the mortgage indebtedness, but the borrowers have failed or refused to pay these monies,” says the application.

The condo is under a B.C. Supreme Court freeze order because of a Civil Forfeiture Office action that seeks to have it forfeited as proceeds of crime. The condo is valued at $4.33 million, according to the B.C. Assessment Authority.

The civil forfeiture suit also includes two Range Rover SUVs and funds from Bank of Montreal accounts.

In the civil forfeiture suit, Hobbs and Cheng, who headed up a pair of tech firms, are accused of fraud, money laundering and tax evasion.

They have both denied perpetrating the alleged $30-million fraud involving an initial crypto-coin offering and maintain that they run a legitimate business.

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A condominium , often shortened to condo in the United States and in most Canadian provinces, is a type of living space similar to an apartment but independently sellable and therefore regarded as real

Repayment : With the loans listed here, you typically repay with automatic monthly payments that lenders pull from your bank account. Unlike credit cards with minimum payments that can allow debt to linger, personal loans are designed to be paid off in a certain time frame.

A trial for the civil forfeiture suit has been set for May 2021.

In the mortgage lenders’ court application, they are seeking an order for Hobbs and Cheng to pay the amount owed. If the mortgage is not repaid, the property should be foreclosed and sold, says the application.

If the property is to be sold, Funaro and Muoio Holdings Inc. have asked to have exclusive conduct of the sale.

No response has been filed, by Hobbs, Cheng or the civil forfeiture office.

There is also a builders’ lien of $13,263 on the condo, according to records of the Land Title and Survey Authority of B.C.

According to the B.C. Civil Forfeiture Office’s allegations, Hobbs and Cheng ran Vanbex Group Inc. and Etherparty SmartContracts Inc., which launched a cryptocurrency coin called a FUEL token, for which they raised money from investors by “deceit, falsehood or fraudulent means.”

An RCMP investigation determined they raised more than $30 million “by falsely representing corporate investment opportunities … knowing they did not intend to use the invested funds to develop products they were marketing but rather with intention to misappropriate the corporately invested funds raised for their own personal benefit,” the claim’s statement says.

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The fraudster will then enter stolen bank card details, so when Wonga collects the loan repayment it takes it from that account, something that comes as a surprise to It is unclear how fraudsters are getting the loan money out of the system without their whereabouts being detected, but Wonga says it

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In their response, Cheng and Hobbs say Vanbex did not solicit funds from investors for the development or distribution of the FUEL token and did not claim the value of the tokens would increase.

The terms, conditions and risks of buying the tokens were laid out in documents prepared by counsel, says the response.

The civil suit alleges that the couple attempted to liquidate their assets, including by taking out the $1.6-million mortgage, when they became aware of the RCMP investigation, a point the pair also denies.

Neither Hobbs nor Cheng have been charged criminally, according to a search of online court records.

A criminal conviction is not necessary to launch civil forfeiture suits, which have a lower threshold for convictions than criminal cases, a balance of probabilities rather than beyond a reasonable doubt.



It's still not known what caused a COVID-19 outbreak at this Calgary condo .
The first Tatjana Dunn heard about an active COVID-19 case in her Calgary condo building was via an email from her landlord on June 10. Her landlord was notified by the building's management company the previous day. Then, more than a week later, her friends started sending her messages: her 25-storey highrise building was in the news. "I was fearful that I had exposed my friends and loved ones to the virus unknowingly, also a little bit afraid of the building," Dunn said. Alberta Health Services officially declared an outbreak at The Verve, a condo building in the city's East Village, on June 22, according to a statement from a spokesperson.

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