Vaughan
August 15, 2008 01:58 PM
Keely Grasser, Staff Writer
A Vaughan man faces two counts each of fraud and theft in relation to an investment scheme.
The charges came about after two Halton residents complained to York Regional Police about being defrauded.
In summer 2004, the two people invested in a financial company.
During the next 18 months, the two paid out $476,000 and were promised returns that didn’t come through, police said.
During their investigation, police realized none of the funds were invested and this was an elaborate Ponzi scheme.
Ferdinando Vecchio, 42, is charged with two counts of fraud over $5,000 and two counts of theft over $5,000 and will appear in Newmarket court Sept. 25.
York police remind you to check with the Ontario Securities Commission to see if a financial advisor is registered prior to making any investments.
For further tips on investing, go to osc.gov.on.ca.
If you have any information or may have been a victim of this fraud, contact York Regional Police Central Fraud Unit at 1-866-876-5423, ext. 6612, Crime Stoppers at 1-800-222-TIPS or leave an anonymous tip at 1800222tips.com.