British Columbia’s Society of Notaries Public has exhausted the $3-million consumer-protection fund it maintains in settling claims out of the alleged $8-million mortgage fraud by former notary Agatha Chung. Chung was suspended and her practice taken over in April 2013 when irregularities were reported to the society about the misplacement of mortgage funds and Chung fled the country. The society still doesn’t know where she is, only that she landed in Hong Kong shortly after the case arose.
The society has already paid out around $6.5 million in claims, he said. The society does maintain a special fund supported by member fees that is designed to protect members of the public from cases of misconduct, but “it’s capped at $3 million, (and) we’ll have exhausted it.”
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