Toronto Man Behind Reported Ponzi Scheme

66 year old portrayed himself as an investor between 2009-2017

Theft and Fraud offences against a man who police say bilked people out of nearly a million dollars over the course of 8 years.

Toronto police confirm that the 66-year-old portrayed himself as an investor for different companies between 2009-2017.

Police say the victims connected with the suspect through social media platforms and forked over cash ranging from $20,000 up to $500,000 to invest in companies the suspect claimed he worked for or owned.

He instead took the money and went on spending sprees.

The victims were then provided with small amounts of money, which he portrayed as interest payments over the course of a year or two, convincing them they were profiting from their investments.