Halton Regional Police say they have arrested a Burlington man in connection with a $1.3 million Ponzi scheme.
Police say their three-year investigation revealed a number of victims who believed they were investing in a legitimate stock market investment program.
Fraud Unit detectives say the victims initially received small returns from funds obtained by new investors.
But police say the victims were allegedly defrauded out of about $1.3 million, money that was used for the personal and financial gain of the accused.
Get breaking National news
Police have charged Francesco Perre, 56, with six counts of fraud over $5,000 and misappropriation of funds.
Perre is scheduled to appear in court on Dec. 23.
- Convicted murderer attending McGill law school back in custody Saturday
- Ontario police officer facing 7 charges following multi-jurisdictional investigation
- Owner of vehicle used in alleged triple abduction identified
- Convicted murderer attending McGill law school was ‘the most brutal and evil,’ former prosecutor says
Investigators believe there may be additional victims and encourage them to contact police.
Comments
Comments closed.
Due to the sensitive and/or legal subject matter of some of the content on globalnews.ca, we reserve the ability to disable comments from time to time.
Please see our Commenting Policy for more.