Toronto police have charged a former mutual fund dealer sales rep with fraud.

On Thursday, Calogero Arcuri, 32, of Toronto, was charged with three counts of fraud. He is scheduled to appear in court on July 7.

Police allege that while under contract with a financial planning firm, Arcuri accepted funds from three clients and did not invest the funds as promised. Funds totaling $45,000 are still outstanding, police claim. None of these allegations have been proven.

Earlier this year, the Mutual Fund Dealers Association of Canada also initiated a disciplinary proceeding against Arcuri on similar allegations.

According to the MFDA, he was registered with Quadrus Investment Services Ltd. from 2002 until March 2007, but is no longer registered in the securities industry. It also claims that he failed to cooperate with its investigation.

The MFDA’s allegations have not been proven either. That hearing is scheduled to take place on June 18.