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

A Toronto Police Service cruiser. Nick Westoll / File / Global News

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.

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.

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

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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.

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

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