Toronto police report that they have arrested and charged a man in relation to an alleged investment fraud.

The fraud squad is alleging that a man, purporting to be an Ivy League-educated medical doctor who retired after making several million dollars in the ‘dot com’ boom, ingratiated himself with the eight victims and promised to replicate his success with their money. But instead, police claim that he used the investors’ capital to finance his personal lifestyle.

Police say these offences took place in 2004 and 2005, and that some of the investors have lost their life savings.

Investigators also believe there may be other victims.

Walter Garrick, 37, of Oakville, Ont. is charged with: six counts of fraud; six counts of theft; and four counts of attempt fraud.

None of these allegations have been proven.