Two 'wanted' after $7 million dollar investment scam: RCMP
TORONTO, Aug. 12, 2014 /CNW/ - The RCMP's Greater Toronto Area (GTA) Financial Crime Unit is seeking the public's assistance in locating two individuals in relation to an alleged $7 million dollar investment scam.
The investigation began in February, 2010 after the RCMP received a complaint that over $7 million was fraudulently misappropriated in an alleged investment scam involving the New Life Capital Corporation.
New Life Capital Corporation, and affiliated companies (New Life), was a Toronto based investment firm created and operated by Laddy Jeffrey Pogachar and Paola Lombardi between July, 2005 and August, 2008. New Life operated in the Life Settlement industry whereby the company purchased life insurance policies from sellers in the United States for a fraction of the face value and pooled the benefits for their investors. New Life raised approximately $22 million from over 600 investors, predominantly in Canada. Investors were led to believe that their funds would be utilized by New Life for the purchase and maintenance of life insurance policies. It is alleged that between November, 2007 and August, 2008 over $7 million of investors' funds were transferred from New Life accounts in Canada to accounts belonging to Pogachar and Lombardi in the Bahamas. The transfers were cited as being related to the acquisition of insurance policies for New Life, however it is alleged that these funds were ultimately utilized by Pogachar and Lombardi for personal use. It is alleged that Pogachar and Lombardi created various Canadian and Bahamian shell companies, all unrelated to New Life, in order to misappropriate and launder the $7 million through an international network of businesses and financial institutions.
As a result of this investigation, in September, 2013, the RCMP charged the following individuals with offences under the Criminal Code (CC):
- Laddy Jeffrey Pogachar (44 year old male) formerly of Toronto, Ontario
- Paola Lombardi (39 year old female) formerly of Toronto, Ontario
The offences are as follows:
- Fraud (over) $5,000 contrary to section 380(1)(a) CC
- Theft (over) $5,000 contrary to section 334(a) CC
- Laundering the Proceeds of Crime contrary to section 462.31(2)(a) CC
- Possession of Property Obtained by Crime contrary to section 355(a) CC
Laddy Jeffrey Pogachar and Paola Lombardi have warrants issued for their arrest as it is believed they have fled to Central America and the Bahamas, respectively. They are actively being sought by the RCMP and INTERPOL. For photos and more information related to the accused please visit the Ontario RCMP Newsroom or the INTERPOL website.
Anyone with information in regards to the location of Pogachar or Lombardi are asked to contact your local or national police, INTERPOL, the Ontario RCMP at 1‐800‐387‐0020 or anonymously through Crime Stoppers at 1‐800‐222‐8477.
SOURCE Royal Canadian Mounted PoliceFor further information:
For media inquiries contact:
RCMP Media Relations
"O" Division (Ontario)