TORONTO – Toronto police are encouraging victims to come forward after an arrest was made in connection to an insurance fraud investigation.
It is alleged that 73-year-old Alexander Chertin sold fake or counterfeit liability insurance slips, otherwise known as “pink-slips”, to unsuspecting customers dating back to last year.
“During the time he sold those, he collected installments, mostly cash, from his victims,” said Financial Crimes Detective Robert Ermacora.
“We believe there are a number of victims currently operating motor vehicles with non-valid insurance.”
Det. Ermacora told reporters at a press conference Tuesday that police were made aware of the fraudulent pink-slips following a traffic stop of one of the victims.
Investigators say several insurance companies involved have been liable and have paid out claims.
“Over a million dollars in claims for those people who thought they were insured, but were not,” said Det. Ermacora.
Charitan, who police say is not a licensed broker, has been charged with two counts each of defrauding the public over $5,000, fraud over $5,000, and uttering forged documents.
The accused has since been released on $7,500 bail but is scheduled to reappear in court Nov. 25.
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