Second man arrested in alleged Ponzi scheme that took in nearly $1 million: Toronto police

Toronto police say they have arrested a second man in connection with an alleged Ponzi scheme that took in nearly $1 million.

They allege the second suspect is a 74-year-old man who worked with a 66-year-old portraying himself as an investor on social media between 2009 and 2017.

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Investigators say the 66-year-old, who was arrested last week, allegedly persuaded people to provide up to $500,000 to invest in companies they were told he worked for or owned.

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

Investigators allege the second suspect was just as responsible for the scheme as the first.

He was arrested on Tuesday and is facing 18 charges related to the investigation, including five counts of fraud over $5,000.