TD alleges ‘cheque-kiting’ cost the bank $37-million
The future of hundreds of unbuilt townhouses is in limbo as Toronto-area home builder StateView Homes deals with fallout caused by an alleged “cheque-kiting” scheme that ran up debts of $37-million.on March 24 alleges a series of “fraudulent cheques” were used to manipulate the bank’s overdraft system, costing the bank $37-million between April, 2022, and March, 2023.
StateView didn’t comment on allegations of cheque fraud outlined by TD but in an e-mailed statement vice-president of marketing Darryl Orian said: “Unfortunately, as the situation is ongoing, StateView Homes cannot comment on the circumstances or details leading to a settlement with TD.” In the wake of TD’s filings, StateView is facing demands for repayment from at least two other lenders that could see an unfinished townhouse project pushed into insolvency.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Toronto Cat Rescue saves 135 cats from Toronto homeToronto Cat Rescue saves 135 cats from Toronto home
Read more »
The not-deal of the day: Whistler's 10 most expensive homes for sale this monthGot a lot of extra money lying around? Dreaming about winning the lottery? Here are some options.
Read more »
These 15 celebrity homes have racked up hundreds of millions of views on YouTubeStep inside the stunning homes of your favourite celebrities and get a glimpse into their luxurious lifestyles.
Read more »
Scammers pose as 'bail bondsman' and arrive at victims homes in recent Nanaimo scamsThe Nanaimo RCMP are encouraging residents to be wary of a so-called 'grandson scam' which is reappearing in the Harbour City.
Read more »
Toronto Raptors' bench isn't good enough and must be addressedPreviously a strength of the team, the Raptors\u0027 depth hit new lows this season. Rectifying that will be a focus of the upcoming off\u002Dseason.
Read more »
Toronto man allegedly grabbed a parking enforcement officer over a parking ticketA Toronto man is facing charges after allegedly grabbing a parking enforcement officer who was about to issue a parking ticket, police say.
Read more »