Toronto police Monday announced charges in an alleged case of investment fraud.

Police say that Albert Allan Rosenberg, 70, of Toronto, has been arrested and charged with four counts of fraud over $5,000.

They allege that, between February 2012 and August 2013, a man portrayed himself as a prominent businessman and investment broker and convinced people to invest in his company and/or allow him to invest on their behalf. As a result, they say, numerous victims were defrauded of approximately $605,000, and police believe there may be more victims in the case.

The allegations, which have not been proven, stem from an investigation began by police earlier this month.