A Toronto man is facing fraud charges for allegedly defrauding 100 people out of more than $6-million in a case that began in London.
RCMP officers with the London Financial Crime Unit began investigating last April after a London resident alerted them to an elaborate scheme to defraud $1-million based on fraudulent securities and option trades. Armed with aliases and forged sales receipts, the suspect lured the victim to invest more money into non-existent trades, according to the RCMP.
Through the course of the year-long investigation, over 100 more Canadian victims of the scheme were identified. Each was bilked out of thousands of dollars.
Some of the victims' names were also handed over to another group of fraudsters, who posed as asset-recovery specialists. They allegedly enticed the victims to send even more money in a futile attempt to recover the funds lost in the original trade scheme.
A 72-year-old Toronto man is charged with fraud over $5,000 and possession of proceeds of crime.
He will appear in London court to answer to the charges on June 18.
"This particular case highlights the need for victims of fraud to come forward despite any personal stigma they may feel," said Inspector Joe Czenze in a statement issued Friday. "Without the timely participation of certain witnesses, this individual and his associates, who we allege had already stolen over $6-million could have continued to steal more money from more Canadians without consequence."
The RCMP cautions anyone who receives an unsolicited invitation to invest in futures or other securities from acting on it. People who suspect an investment opportunity is fraudulent, should contact the Canadian Anti-Fraud Centre toll-free at 1-888-495-8501 or online at www.antifraudcentre-centreantifraude.ca/index-eng.htm.
