Police bust Toronto-area investment scam that collected more than $3M in loans

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Two men from the Toronto area have been arrested and are facing a string of charges after police say they took more than $3 million from private investors under fraudulent terms.

A release issued by Halton police Thursday said the arrests were the result of a three-year-long investigation by its Fraud Unit after the department received more than 20 reports involving ‘OOM Energy,’ also known as ‘MCS Energy.’

According to investigators, more than $3 million in investments were solicited by the company for projects involving the installation of electrical generators. The victims were misled to believe that their investments were guaranteed by an insurance program and supplied with forged insurance documents, they allege.

On June 16, officers with Halton police arrested the owner of OOM Energy, Craig Hugh Clydesdale, 65, of Oakville, along with Thomas Craig McBeath, 61, of Markham.

Both are facing “multiple counts” of fraud- and forgery-related offences, police say.

The charges have not been proven in court. Both accused are scheduled to appear in court on July 18 at 9 a.m.

Police say they believe there may be more victims and witnesses, and are asking anyone with further information to contact D/Cst. Ed Spence at (905) 465-8746. Tips can also be submitted anonymously to Crime Stoppers at 1-800-222-8477 (TIPS) or through the web at www.haltoncrimestoppers.ca.

This article was originally sourced from www.CTVNews.ca