TORONTO -- Eleven Ontario residents have been charged with various offences in an alleged investment scam in which scores of international investors lost a total of $4.4 million.

The RCMP's Greater Toronto Area financial crime unit said the charges arise from an investigation into information supplied by the Ontario Securities Commission involving investments in a biomedical company between 2003 and 2006.

According to police investigators, more than 150 investors from the United States and the United Kingdom invested in a company trading on the Over the Counter Bulletin Board and led by Ivan Cavric, 54, of Welland, Ont.

The company was National Detection Clinics Ltd., formerly known as Discovery Biosciences and which became TGC Ventures Inc.

Investors were told that NDCL were going to open up clinics after they had developed an early stage breast cancer infra-red detection system that had received approval from the U.S. Food and Drug Administration.

Police allege the medical technology had not been approved and none of the investors' money went towards opening, purchasing or implementing any clinics or equipment.

"The investigation has shown that numerous individuals belonged to, participated in and assisted in crimes being committed and played a part in the Cavric organization. All individuals benefited from the funds through laundering the proceeds or through being paid wages from investor funds," the RCMP said in a statement issued Thursday.

In addition to Cavric, other charged with various offences including fraud and money laundering, are: Americo Derosa, 58, of Niagara on the Lake; Elwood Henkle, 64, and Sandra Landsman, 71, last known addresses in Pefferlaw; Sharon Finestone, 65, of Jacksons Point; Joanne Woodcroft, 49, and Tabitha Dempsey, 31, both of Niagara Falls; Terri Costiff, 42, of Thorold; Joane Laprise, 53, and Katherine Bassi, 64, both of Welland and Frederick Kimber, 55, of Hagersville.

RCMP say arrest warrants have been issued for three other people, Americo Derosa, Sandra Landsman and Elwood Henkle, who is also known as Alan Landsman or Peter Johanson.