The Halton Regional Police Service (HRPS) Regional Fraud Unit has completed a three year investigation into a Ponzi scheme operating in the region that defrauded victims out of approximately 1.3 million dollars.
Victims of this fraud transferred money believing that they were investing in a legitimate stock market investment program. Victims initially received small returns from funds obtained by new investors. This type of fraud is commonly referred to as a 'Ponzi Scheme'. Money invested by victims was then used for the personal and financial gain of the accused.
Police have arrested and charged a 56 year old Burlington man with six counts of fraud over $5000 and misappropriation of funds. He is scheduled to appear in court in Milton on December 23, 2020.
Police believe there may be additional victims of this fraud and would encourage them to contact Detective Constable Garry Hans of the Regional Fraud Unit at 905 825 4747 ext. 8742.
The HRPS is encouraging members of the public to conduct due diligence prior to making investments and to be wary of investments that "sound too good to be true."
PRESUMPTION OF INNOCENCE
Please note that persons charged are considered innocent and can only be proven guilty by a court of law.
Due to the presumption of innocence, Oakville News does not publish the name(s) of suspect(s). Halton Regional Police Service does typically post suspect(s) name(s) on their website.