Durham police allege a 23-year-old Oshawa man defrauded victims of more than $2.5 million by posing as a financial trader and promising high returns.
Durham Regional Police have charged an Oshawa man with fraud after he allegedly collected more than $2.5 million in a fraudulent investment scheme.
Investigators say the 23-year-old suspect presented himself as a financial trader and persuaded two victims to transfer large sums of money between March 2023 and March 2024. Police allege he enticed the investors by driving luxury vehicles and providing forged account statements showing high returns.
Instead of investing the funds, the suspect is accused of using the money to bankroll what police described as an “extravagant lifestyle.”
The man was arrested on Sunday and is facing two counts of fraud over $5,000. Authorities say the investigation remains ongoing.
Police are urging the public to remain cautious of investment opportunities that guarantee unusually high returns, warning that such schemes are a common red flag for fraud.
