Burlington (November 20, 2020) – The Halton police laid charges against Francesco Perre from Burlington in connection with an alleged $1.3 million Ponzi scheme. He is accused of soliciting investments from his victims for a stock market investment program. However, police believe that he used the victim’s money for personal and financial gain. He has been charged with six counts of Fraud Over $5,000 and Misappropriation of Funds. Investigators believe there may be more victims.
The Halton police’s Fraud Unit charged Francesco Perre, aka Frank Perre, for an alleged $1.3 million Ponzi scheme, according to a police press release issued on November 19.
A $1.3 million Ponzi scheme
During a three year investigation, officers discovered that an unrevealed number of victims allegedly lost a total of $1.3 million to Perre. The Burlington man is accused of having operated a Ponzi scheme in the region.
Police said the victims transferred money believing they were investing in a legitimate stock market investment program. The victims reported that they initially received small returns. The police believe that the paid-out funds were obtained by new investors, in the manner of a classic Ponzi scheme.
Perre allegedly used the victim’s money for personal and financial gain, according to the police.
Burlington man arrested and charged
Halton police arrested and charged Perre. The 56-year-old is facing six counts of Fraud Over $5,000 and misappropriation of funds. He is scheduled to appear in court in Milton on December 23.
Investigators believe there may be additional victims of this fraud and encourage them to contact Detective Constable Garry Hans of the Regional Fraud Unit at 905 825 4747 ext. 8742. They also remembered the public to conduct due diligence before making investments and to be wary of investments that sound too good to be true.
Marina Burghard writes for Canadian Fraud News about fraud-related cases, whistleblower, jurisdiction, identity theft, consumer protection, etc. – essentially about scams and how to protect yourself against this kind of fraudulent criminal behavior. She holds a Master’s degree in Political Science where her interest in criminology grew. Besides fraud, Marina’s scientific interest lies in terrorism, extremism and how to deal with it as a society.