The possible fraud was reported to the general investigation section (GIS) on Oct. 3.
Police said the GoFundMe page had generated roughly $3,800, with 35 people contributing to the campaign: 21 from Canada and 14 from the United States.
The crowdfunding page has since been taken down and the donors have been notified.
A collision between the Humboldt Broncos’ bus and a semi-trailer took place on April 6, claiming the lives of 16 players and staff on their way to an SJHL playoff game. Thirteen others were injured.
From the tragedy spawned a legitimate GoFundMe page, Funds for Humboldt Broncos, which raised over $15 million for the victims of the crash.
WATCH BELOW: Scammers capitalize on Humboldt Broncos tragedy
The GIS also heard about an alleged investor fraud when contacted in October. Both frauds allegedly occurred between March 9, 2017, and June 20, 2018.
With help from the securities division of Financial and Consumer Affairs Authority, it was suggested the alleged investor fraud was running under the name Aero Capital Inc.
Andrij Olesiuk, 32, was arrested on Nov. 20.
He is facing charges of fraud over $5,000, fraud under $5,000, possession of property obtained by crime over $5,000, possession of property obtained by crime under $5,000, and laundering proceeds of crime.
Olesiuk is scheduled to make his next appearance in Saskatoon provincial court on Dec. 12.