The Royal Canadian Mounted Police has arrested four people in Ontario in connection with an alleged fraudulent offshore investment scheme.

Police have so far identified 15 victims with individual losses ranging from approximately US$5,000 to approximately US$103,000. Total losses are estimated at US$300,000.

Victims have come forward from Hamilton, Stoney Creek, Grimsby, Ancaster, St. Catharines, Mississauga, Goderich and London. Police also estimate that there may be more than 70 victims in Canada and the U.S. with a total potential loss of approximately US$3 million. The RCMP says many of the victims have lost their entire savings.

Charged with 15 counts of fraud over $5,000 and 15 counts of conspiracy to commit fraud over $5,000 are: Robert Cranston, Robert Solleveld, and Desiree Solleveld, all of London, and Gabriel Jorzak, of Grimsby. The accused are scheduled to appear tomorrow in court in Hamilton for bail hearings.

Police allege that the accused enticed the victims to invest in a business known as Island Holdings Corp., a company allegedly designed to accumulate funds for pooled offshore investment opportunities. Police further allege that the victims were promised an overly attractive monthly return on their investment. To date, victims have received either no return or very little return and no refunds.

The investigation began in August 2002.

An arrest warrant has been issued for a fifth individual, a resident of London, who is believed to have fled.