The RCMP have charged three Toronto-area suspects in connection with business loan-related frauds totalling an estimated $600,000.
"It is alleged these individuals furnished false documents, reports or information, and failed to use the loan funds for the purpose stated on the loan application," the RCMP said Monday in a news release.
The alleged criminal activity took place in 2007 and 2008.
Investigators allege that one of the accused applied for loans at RBC, Scotia Bank, Bank of Montreal and TD Canada Trust.
It is alleged that she used fraudulent or forged documents to obtain the loans to fund equipment purchases and upgrades to leased property that were never completed.
When she defaulted on a loan, the RCMP said RBC investigators first discovered the alleged anomalies.
Miriam Cohen, 38, faces a total of 23 charges. Eight were laid under the Canada Small Business Financing Act. Fifteen others were Criminal Code charges relating to fraud, conspiracy to commit fraud and uttering forged documents.
Marshall Kazman, 55, and Gad Levy, 44, have each been charged with 11 Criminal Code offences relating to fraud and conspiracy to commit fraud.
They are to appear at the Finch Avenue West courthouse on Thursday.
No allegations against the accused have been proven in a court of law.
Penalties upon conviction under the Canada Small Business Financing Act charges can result in a fine of up to $500,000 and up to five years in prison -- or both.
The Criminal Code offences carry a maximum penalty of 14 years in prison.
