Fraud scheme saw Anne Squires fake sales documents for properties that didn't exist
Agreed statement of facts accepted by judge in Exit Realty on the Rock owner’s case
Court documents outline how Exit Realty on the Rock owner Anne Squires faked sales agreements — some for properties that didn't actually exist — to bilk a payday-loan style company out of half a million dollars, in dozens of fraudulent transactions.
The details of her crimes are outlined in an agreed statement of facts filed at Newfoundland and Labrador Supreme Court in St. John's on Monday morning.
Squires confirmed she understood the consequences of her guilty pleas when asked by Justice Robert Stack.
She indicated that she accepted responsibility for what happened at her company.
Earlier this year, Squires pleaded guilty to counts of fraud, theft, forgery and breach of trust.
Stack entered convictions on the quartet of charges Thursday morning.
Squires was released on conditions, and is due back in court Dec. 19 for a sentencing hearing.
Dozens of fraudulent transactions
According to the agreed statement of facts, Squires submitted documents to AccessEasyFunds for lots that had not been developed, and others that did not actually exist.
AccessEasyFunds is a company that advances commissions to real estate agents for deals that haven't yet closed.
According to court filings, Squires was also sending documents to get commissions on properties that had not been sold by her.
She submitted fraudulent letters of financial approval from a mortgage company of which she was the sole director.
Squires also prepared and submitted purchase and sales agreements with forged signatures and initials.
A subsequent audit by the province's comptroller general traced 33 purchase and sales commission advances over a four-month period in late 2015.
The advances were received from AccessEasyFunds, and deposited in Exit Realty on the Rock's operating account.
Those 33 advances, which were not repaid, totalled $386,000.
Auditors also found more than $106,000 in advances over the first two months of 2016 that were deposited into a credit union account in Squires's name.
With interest added, the total amount owing to AccessEasyFunds as of February 2016 was more than $522,000.
Exit Realty on the Rock's former office manager told police that Squires had her prepare and submit fraudulent documents to AccessEasyFunds.
The former office manager also said Squires instructed her to move money out of the company's trust account into its general account, to ensure cheques didn't bounce.