BRAMPTON, Ont. - Peel police say they fear there may be more victims in an alleged $12 million mortgage fraud.
Investigators say they have so far identified 40 people and 10 financial institutions that have suffered losses in the alleged scheme.
Police allege a man accepted personal funds, entrusted to him by clients who believed that they were investing in registered mortgages.
Instead, the clients discovered that their investments were worthless and that their money had disappeared.
Mario Mazzucco, 61, of Toronto was arrested and charged on Wednesday.
Mazzucco faces charges including defrauding the public, laundering the proceeds of crime, and criminal breach of trust.
