More than 100 people defrauded of $6 million in securities scam, RCMP say

LONDON, Ont. — The Royal Canadian Mounted Police say a Toronto man is charged with defrauding more than 100 people across the country of more than $6 million.

The Mounties say the investigation began in April 2017 when a London, Ont., resident alerted police to an elaborate $1-million fraud scheme based on fraudulent securities and options trades.

Police allege the suspect used aliases and forged sales receipts to lure the victim to invest money into non-existent trades.

Investigators say they have identified more than 100 alleged victims, who each lost thousands of dollars to fake futures trades.

They say some of the victims’ names were then handed over to another group of individuals, posing as asset-recovery specialists, who would entice them to send even more money in a futile attempt to recover their losses.

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A 72-year-old Toronto man is charged with fraud over $5,000 and possession of the proceeds of crime, and is to appear in court in London on June 18.

The RCMP say the investigation is continuing.

The Canadian Press