Man accused of profiting from NOSIs in Ontario lived a great life: social media posts

One of the people accused of profit from an allegedly predatory scheme involving a financial tool that will be banned by the Ontario government, boasted on social media about his sudden wealth, showing off multiple luxury cars.

Anas Ayyoub’s social media posts show a story of someone who was once “broke” traveling by bus when he was 16 and a 22-year-old living the good life.

Download our app to receive local alerts on your device (opens in a new tab) Get the latest local updates delivered straight to your inbox

“Seven years ago I did whatever it took to get money just to feed my family. Now I drive a $1.4 million Lambo,” Ayyoub wrote in a post.

But a civil lawsuit alleges that at least some of that money came from taking advantage of a vulnerable senior using an alleged scheme involving a Notice of Security Interest, or NOSI. A NOSI is a financial claim on a property based on the equipment that has been installed there.

In an alleged plan described in the lawsuit11 NOS worth $150,000 were secured at Karl Hoffman’s property in Bowmanville, for multiple products his family says he did not need.

He was 81 years old and had short-term memory loss due to a brain aneurysm that made him overconfident, Hoffman’s daughter-in-law said.

“When people came to the door, knocking on the door with all these great plans and ideas to help him, he thought it was real,” said his daughter-in-law, Melissa Irons.

A W5 investigation in February showed how easy it is to install a NOSI, even without the owner’s knowledge or consent, and how little scrutiny there is to check whether the amounts in the NOSI correspond to the actual value of the products installed.

For example, the lawsuit alleges that one of those NOSIs, for $34,699, was for “upgrading plumbing valves and home surge protection equipment,” but claims the actual value of the product was something that was sold at retail. for $299.

The lawsuit then claims people approached Hoffman telling him he needed to get a mortgage to pay them, and even provided him with lawyers to help.

“They appeared as ‘saviors,’ but in reality they were conspirators,” the lawsuit alleges, because that mortgage contained unfavorable conditions that put Hoffman’s home at risk, after being the absolute owner for decades.

Karl Hoffmann

The allegations have not been proven in court. Reached by email Thursday, Ayyoub’s attorney, Eli Karp, said simply: “No comment.”

Ontario’s Minister of Public and Business Service Delivery said he was aware that there were $1 billion worth of NOSIs in Ontario, a sign that the financial tool, including all existing NOSIs, needed to be abolished.

“That total is a fairly large number and that means that criminal activity is being perpetuated, let’s say. So we need to address that retroactively with legislation,” Todd McCarthy said Tuesday.

Two attorneys named in the Hoffman case have been suspended. The Law Society of Ontario last year warned lawyers about being party to any “exploitative loan arrangements,” saying: “Lawyers should ensure they educate themselves about clients’ circumstances and are in a position to act in the best interest of their clients.

The Hoffman family’s attorney, Greg Weedon, says he is concerned that while the NOSIs are going to be eliminated, they haven’t been done away with yet. He says he’s worried about a gold rush to cash in on them in the coming months before they disappear.

“They will try to extract everything they can and that will fall on the backs of consumers,” he said.

Hoffman recently passed away and would have loved to see the Ontario government take action before he died, Irons said.

As for Ayyoub, it’s unclear where he went: the Hoffman family believes he left the country.


Leave a Comment