Lawyer Gets 3+ Years In Jail In Flipping Fraud

Vishnu Rajendra Poonai (aka Joey Poonai), a lawyer in Canada since 1992, was led away in handcuffs after being sentenced to 3 1/2 years on each of five counts of fraud, with the sentences to be served concurrently. The court found Poonai benefited financially from the flipping frauds totaling $5 million that involved 18 properties that were purchased, then sold again right away at "highly inflated" values. Mortgages were issued-- to either fictitious people or through identity theft-- based on the inflated prices and when the mortgages fell into default, the banks were left holding the bag. For more, see Disbarred lawyer sentenced to 3 1/2 years in jail, reported by The Brampton Guardian.
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