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Burlington man charged in $1.3 million Ponzi scheme: police

Halton Regional Police Headquarters in Burlington, Ont. Don Mitchell / Global News Hamilton

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.

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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.

Police have charged Francesco Perre, 56, with six counts of fraud over $5,000 and misappropriation of funds.

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Perre is scheduled to appear in court on Dec. 23.

Investigators believe there may be additional victims and encourage them to contact police.

Click to play video: 'Oshawa couple charged after police say they scammed churchgoers'
Oshawa couple charged after police say they scammed churchgoers

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