Members of the Royal Canadian Mounted Police (RCMP) London Financial Crime Unit have charged a Toronto man with defrauding the public of more than $6 million stemming from a 12-month investigation into securities-based frauds, the RCMP announced on Friday.
Ronald Abrams is charged with fraud over $5,000 and possession of the proceeds of crime after an investigation uncovered an alleged securities fraud scam. The allegations have not been proven. Abrams is scheduled to appear in court in London, Ont. on June 18 to face the charges.
RCMP launched an investigation in April 2017 after they were alerted to an alleged scam involving fictitious securities and options trades. They allege that their investigation uncovered more than 100 victims, who each lost thousands of dollars to fake futures trades.
RCMP also allege that some of the victims were targeted a second time in an asset-recovery scheme; which enticed them “to send even more money in a futile attempt to recover their funds lost in the fraudulent scheme,” the RCMP says in a news release.
“This particular case highlights the need for victims of fraud to come forward despite any personal stigma they may feel,” says Inspector Joe Czenze, officer in charge of RCMP London, in a statement. “Without the timely participation of certain witnesses, this individual and his associates, who we allege had already stolen over $6 million could have continued to steal more money from more Canadians without consequence.”
“The RCMP recognizes that the public is one of the most powerful partners any law enforcement agency can have in keeping Canadians safe from criminals and thanks them for their efforts in this matter,” he adds.
RCMP’s investigation is continuing with assistance from the Financial Transactions and Reports Analysis Centre of Canada.