Ontario man accused of fraudulently collecting $2.5M from victims in investment scam

Police say an Oshawa, Ont., man is facing charges after allegedly collecting more than $2.5 million in an investment scam.

Durham regional police say their financial crimes unit began investigating a man who allegedly told two victims he was a financial trader and could guarantee high returns on investments using a specific brokerage platform.

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Investigators allege the suspect persuaded the victims to transfer large sums of money between March 2023 and March 2024.

They say he enticed the victims by driving luxury cars and showing them forged investment return statements.

Police allege the suspect ultimately collected more than $2.5 million from the victims, which he used to finance his “extravagant lifestyle.”

The 23-year-old was arrested on Sunday and charged with two counts of fraud over $5,000.