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Toronto police arrest man in connection to alleged Ponzi scheme that took in nearly $1 million

Toronto police say the man allegedly persuaded people to give him money as an investment, but used it to buy cars, food and personal items. Nick Westoll / File / Global News

Toronto police say they’ve arrested a man in connection to a Ponzi scheme that took in nearly $1 million.

They say the 66-year-old man portrayed himself as an investor to people he met on social media between 2009 and 2017.

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Police say the man allegedly persuaded people to provide up to $500,000 in what he said would be an investment into companies he worked for or owned.

Police say he allegedly used the money to buy cars, food and other personal items.

Officers arrested the man on Friday and he is facing 18 fraud-related charges.

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