Toronto resident scammed out of more than $200K in alleged investment fraud; suspect charged
A 24-year-old man has been arrested after a Toronto resident lost over $200,000 in an alleged investment scam that impersonated a global investment company.
Toronto police said the suspects allegedly placed advertisements with internet search engine providers to promote several fake investments.
- Download our app to get local alerts on your device
- Get the latest local updates right to your inbox
When the victims clicked on the ad, they were brought to fraudulent investment comparison sites, where they were prompted to enter their name, telephone number, and email address.
“Once the information has been provided, suspects posing as representatives of Schroders Management Inc. will then call victims,” investigators allege. “Suspects will then email fraudulent Schroders prospectuses and application forms to victims.”
Police added that the fraudsters offered high investment returns with seemingly little or no risk.
On Friday, police charged one suspect, Brampton resident Arvinder Singh, with fraud over $5,000, possession of proceeds obtained by crime over $5,000 and laundering proceeds of crime.
It’s unclear how many suspects were running the alleged scam and if any other suspects are being sought by police.
Investigators believe there may be more victims and ask them to call 416-808-4300.
Police provided the following tips to the public who are looking to invest:
- Be wary of any cold calls and/or unsolicited persons offering investment opportunities.
- Do not rush into making a decision. If possible, consult with a known financial planner and/or financial institution, such as your home bank.
- Contact the alleged investment company by phone to ensure the person is employed by them.
- Conduct a Google search for any scams or complaints associated with the investment company.
- Contact the police if you suspect you have been the victim of an investment scam.
CTVNews.ca Top Stories
Average hourly wage in Canada now $34.95: StatCan
Average hourly wages among Canadian employees rose to $34.95 on a year-over-year basis in April, a 4.7 per cent increase, according to a Statistics Canada report released Friday morning.
Magnitude 4.2 earthquake reported off Vancouver Island's west coast
A 4.2-magnitude earthquake was recorded west of Vancouver Island early Friday morning.
Ontario coroner to investigate death of man who suffered cardiac arrest while waiting in ER
A provincial coroner will be investigating the death of 68-year-old David Lippert, who suffered a cardiac arrest while waiting in a crowded emergency room in Kitchener, Ont.
This iconic Canadian song is turning 50
Andy Kim's 'Rock Me Gently' is marking a major milestone, as it celebrates its 50th anniversary.
From outer space? Sask. farmers baffled after discovering strange wreckage in field
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
Federal government bans watercraft from Manitoba lake popular with tourists
The threat of zebra mussels has prompted the federal government to temporarily ban watercraft from a Manitoba lake popular with tourists.
Her SUV was stolen in Montreal. A Good Samaritan on Facebook helped her get it back
Just as she had feared, a restaurant owner from eastern Quebec who visited Montreal had her SUV stolen, but says it was all thanks to the kindness of strangers on the internet — not the police — that she got it back.
Oprah Winfrey: I set an unrealistic standard for dieting
Oprah Winfrey said on Thursday evening that she has long played a role in promoting unhealthy and unrealistic diets.
Ontario family receives massive hospital bill as part of LTC law, refuses to pay
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.