Man sentenced to three years in prison for mortgage fraud, Fredericton, N.B.

2012/9/28

On September 28, 2012, 49-year-old William Priest-Phillips of Nackawic was sentenced in Fredericton Provincial Court to three years in prison in connection with a mortgage fraud investigation.

On July 10, 2012, as part of a five month investigation, William Priest-Phillips and his company, Priest Phillips Management Corp., were both charged with one count each of fraud over $5,000 and one count of uttering forged documents for submitting several mortgage applications containing falsified documents to Scotiabank. Priest Phillips Management Corp. was operating under the name of DLC Priest Financial and the banner Dominion Lending Centre, while operating in the Fredericton area. The charges against the company were later withdrawn.

'This is a serious crime as it attacks our economic integrity by placing the interests of both consumers and financial institutions at risk,' says Inspector Lise Roussell of the N.B. RCMP's Commercial Crime Section. 'Those who decide to engage in this type of criminal activity need to be aware that they can and will be prosecuted once detected.'

The mortgage fraud investigation was led by the New Brunswick RCMP's Commercial Crime Section, and was assisted by the Fredericton Police Force. The investigation was generated from tips received from the New Brunswick Securities Commission, which led its own separate securities investigation into other activities of William Priest-Phillips.

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Cst. Andrea Grasman
RCMP Commercial Crime Section
506-452-3475

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