A Toronto man has been charged with alleged breaches of the Criminal Code of Canada following an investigation by the Ontario Securities Commission’s Joint Serious Offences Team (JSOT), the Ontario Securities Commission (OSC) said Monday.
It is alleged that between 2011 and 2013, Omokhodion Oshingbeme defrauded six different victims from across Canada through various criminal acts. This included a scheme where the owners of a retirement home were defrauded of advance fees after Oshingbeme purported himself to be a wealthy foreign “angel investor” looking to invest capital into the retirement home business.
The JSOT investigation has determined that the victims lost approximately $290,000 as a result of this alleged fraudulent activity.
The OSC said Oshingbeme has been charged with six counts of fraud over $5,000, six counts of possession of property obtained by crime over $5,000, two counts of failing to comply with a recognizance of bail, and one count of failing to comply with a probation order.
Oshingbeme has been arrested by the RCMP and will appear for a bail hearing Monday in Toronto.
JSOT was established by the OSC as an enforcement partnership between the OSC and the Royal Canadian Mounted Police Financial Crime program and the Ontario Provincial Police Anti-Rackets Branch. Its primary objective is to protect investors and further enhance confidence in the Canadian capital markets through effective enforcement.