Three men from York Region, Ont. have been arrested in connection to a massive gemstone investment fraud investigation.
Police say representatives from companies called Royal Fine Jewels or Nygard and Associates allegedly contacted victims and gave them false information about the value of jewellery or gemstones they had purchased. The victims were also given false information about buyers for the jewels.
The victims then entered into sales agreements with non-existent companies called TSE Marketing and Vargas Marketing. Because the companies were fake, the sales agreements were never fulfilled.
Following an investigation, Steven Rosen, 63, from East Gwillimbury; Edward Rosenburg, 52, from Richmond Hill; and David Pelcowitz, 54, from Thornhill, were arrested.
All three men were charged with fraud over $5,000.
Read more at City News