RCMP Lay Charges after an Alleged $2.5 Million Investment Scam
HAMILTON, ON, June 11, 2014 /CNW/ - The RCMP Hamilton/Niagara Regional Detachment Financial Crime Section charged Frederick WILLIAMS, age 76, of Toronto with 21 counts of fraud after an investigation into an alleged $2.5 million dollar investment scam.
The investigation began in 2012 when the RCMP received complaints of possible fraud conducted by Mr. Williams in the provinces of Nova Scotia, Prince Edward Island, New Brunswick and Ontario. Between 2000 and 2011, seventy one individuals across Canada, the United States and the United Kingdom were found to have been victimized for approximately $2.5 million dollars.
The investigation revealed that Mr. Williams solicited investments from customers of his Ontario-based businesses Innercleanse 2000, Intensive Cleanse, Herbal Care Direct and Kyra Therapy. Investors received Royalty/Partnership Certificates and or Territory Agreements in exchange for their monetary investments. These certificates and agreements indicated investors would receive royalties based on the sales of herbal products sold in Canada and the United States and at a future date investors would have their initial investment returned. The investors' initial investments were not returned and the majority of them received little or no royalties. Mr. Williams solicited investors without a license.
"Investment scams can lead to the loss of people's life savings, the social damage can be severe," stated Inspector Steve Martin (Officer in Charge of the Hamilton/Niagara Regional RCMP Detachment). "Bringing those who commit these financial crimes to justice and protecting Canada's economic integrity remains a priority for the RCMP."
The matter is scheduled for first appearance at Ontario Court of Justice - John Sopinka Courthouse in Hamilton on June 12, 2014.
Anyone with further information in regards to this matter is asked to contact the Ontario RCMP at 1-800-387-0020 or anonymously through Crime Stoppers at 1-800-222-TIPS (8477).
SOURCE Royal Canadian Mounted PoliceFor further information:
Sgt. Richard Rollings,
RCMP "O" Division (Ontario)