Toronto police announced fraud charges Monday against a man who has already been sanctioned by both the Ontario Securities Commission and the Financial Services Commission of Ontario.
The Financial Crimes Unit announced 10 counts of fraud over $5,000 and one count of fraud under $5,000 against Wilton Neale, 50, who headed two investment firms, 360 Degree Financial Services Inc. and Multiple Streams of Income Inc.
Police say they have been investigating allegations of fraud involving the two firms since June of last year. Today, in unveiling the charges, they said that between October 2007 and February 2010, he “convinced victims to invest funds in his companies that they had obtained through loans, lines of credit and re-financing of their homes”, and that he took their funds but did not invest them as agreed. It claims he took in approximately $1.3 million during the period.
The allegations have not been proven. He is scheduled to appear in court at College Park on May 8.
Back in October 2010, the OSC settled its own allegations against Neale, and his two companies, imposing an administrative penalty of $500,000, requiring disgorgement of $265,179, costs of $10,000, and a 15-year trading ban and director and officer ban. In that proceeding, Neale acknowledged that he and MSI engaged in an unauthorized distribution of securities; that he, MSI and 360˚ engaged in misleading conduct; and, that they had acted contrary to the public interest.
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FSCO also issued a permanent cease and desist order against both Neale and 360˚ in March 2009 prohibiting them from carrying on the business of insurance in Ontario. MSI was never registered with FSCO or the OSC.