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Crime

York Regional Police charge man in $20M investment fraud investigation

A York Regional Police cruiser.
A York Regional Police cruiser. Shallima Maharaj / Global News

York Regional Police say a 42-year-old man has been charged in relation to a $20-million fraud investigation that began in 2017.

Police said the suspect ran an investment company called New Horizons Mortgage Investment Corporation between 2004 and 2017.

The investigation began after a woman told police she was the victim of a mortgage investment fraud.

READ MORE: York Regional Police bust organized crime and drug ring, over $45M property seized

Officers alleged the accused defrauded 33 victims of approximately $20 million.

Derek Scheinman was arrested at a hotel in Barrie on July 31. He was charged with defrauding the public, fraud over $5,000, possessing the proceeds of crime, laundering the proceeds of crime, and falsifying documents.

Scheinman was scheduled to appear in a Newmarket court on Friday.

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Police said the investigation is on-going and anyone with information was asked to call police at 1-866-876-5423 ext 2486 or Crime Stoppers anonymously at 1-800-222-8477.