Ontario Lawyers Gazette - The Law Society of Upper Canada

• he participated in a transaction whereby mortgage monies wereobtained and disbursed from his client, a trust company, in relationto the property at 108 Yarmouth Road, Toronto by:• failing to disclose to the trust company that the purchaseprice paid to individual “C” for the property was less than theprincipal amount of the trust company’s mortgage;• failing to disclose to the trust company the existence of theagreement of purchase and sale for the property betweenindividual “C” and individuals “E” and “F” for $157,000;• commissioning a false and misleading land transfer taxaffidavit, in that, although the land transfer tax was paid onthe amount of $212,000, said affidavit in paragraph 4(a)provided for consideration in the amount of $212,000, whenthe actual consideration was less than that amount;• altering the consideration on the deed to be registered forthe sale of the property by individuals “E” and “F” to reflectthe increased purchase price of the property of $212,000;• failing to disclose to the trust company that the mortgagefunds advanced were the only funds used to complete thetransaction, and, were partially disbursed to individual “A1”and third parties, when those funds were intended to bepaid on account of the purchase price of the property;• commissioning a statutory declaration that he knew, orought to have known, falsely stated that the down paymentfor the purchase of the property was from individual “A1”’sown resources and not borrowed;• misleading the trust company in his final report by advisingthat the address had an "A" after the number 108;• failing to disclose to the trust company that he acted forindividual “C” and individual “C1";• acting in conflict of interest by failing to protect the interestof the trust company who provided first mortgage financingby failing to disclose to the trust company that he was alsoacting for the vendor and that the properties were beingflipped at a profit;• he participated in a transaction whereby mortgage monies wereobtained and disbursed his client, a trust company, in relation tothe property at 238 Glenholme Avenue, Toronto by:• failing to disclose to the trust company that the purchaseprice paid to a second trust company for the property wasless than the principal amount of trust company’s mortgage;9