KITCHENER, ON, May 7, 2014 /CNW/ - The Kitchener RCMP Serious &
Organized Crime team has arrested and charged two people after at least
160 investors were allegedly defrauded of over 21 million dollars.
In December 2010, as a result of complaints from several investors, the
Kitchener RCMP Serious & Organized Crime team launched an
investigation. As a result of this investigation, the RCMP determined
that from 2006 to 2010, at least 160 people were enticed to invest
money into investments with the CICCONE GROUP OF COMPANIES. Investors
were led to believe that they could receive 20 to 30 percent returns on
their investment. They were told that their money would be invested in
day- trading, development property, or resort properties. The
investigation revealed that the majority of these funds were not
invested by the accused and were instead re-directed to other
non-interest paying schemes.
On May 7, investigators from the RCMP Serious & Organized Crime team
Vincent Carl CICCONE (64) of Kitchener, and
Karen Rose THOMSON-CICCONE (60) of Kitchener
They have been charged with Fraud over $5000, contrary to the Criminal Code. Both are currently in custody and are scheduled to make their first
court appearance today at Waterloo Region Courthouse in Kitchener,
"The RCMP is committed to protecting Canadians from fraudulent
investments that serve to undermine the integrity of Canada's financial
systems." stated Insp. Todd Gilmore, officer in charge of Kitchener
RCMP Detachment. "Maintaining Canada's economic integrity is a priority
for the RCMP and we will continue to work diligently to bring these
criminals to justice."
The RCMP would like to thank Financial Transactions and Reports Analysis
Centre of Canada (FINTRAC) and the Forensic Accounting Management Group
(FAMG) for their valuable contribution to this investigation.
Anyone with information in regards to this or any other crime is asked
to contact your local police, the Ontario RCMP at 1-800-387-0020 or
anonymously through Crime Stoppers at 1-800-222-8477.
Please visit this link for further information on how the RCMP
contributes to ensuring Canada's Economic Integrity.
Media Availability (Kitchener Detachment, 17 Executive Place, Kitchener, Ontario):
A media availability will be held today at Kitchener Detachment at 12
PM. Insp. Todd Gilmore, O I/C Kitchener Detachment, will be available
to outline this investigation and answer questions from the media.
SOURCE: Royal Canadian Mounted Police
For further information:
For media inquiries contact:
Cst. Pat Akin
Kitchener RCMP Detachment
Serious & Organized Crime Unit
Website: RCMP in Ontario