Local investors lose $3.7M, Waterloo man of CJC Investments charged

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A 52-year-old man, who ran Waterloo-based CJC Investments, has been charged with fraud and money laundering after allegedly defrauding 14 people of $3.7 million.

The man ran the the investment firm from 2006 to 2014 and police said he sold securities to privately-traded companies in Canada and the United States at inflated share prices. Neither the man nor his company were registered with the Ontario Securities Commission, a regulatory body that oversees this kind of trading.

An investigation found the money from 14 victims from across North America was never sent to the intended companies.

The Waterloo man, who also has ties to Brantford, has been charged with fraud over $5,000, theft over $5,000, uttering forged documents and money laundering.

Read more at CBC News

This article is summarized by Canadian Fraud News Inc.