RCMP charge individual with fraud of 6 million dollars

Supported By:

Net Patrol International Inc.  Data Investigation and Forensic Services
Bankruptcy and Insolvency Trustees

April 27, 2018 (Courtesy of the RCMP ) – Members of the Royal Canadian Mounted Police (RCMP) London Financial Crime Unit have charged an individual with defrauding the public of over six (6) million dollars stemming from a 12 month investigation into securities-based frauds being perpetrated against Canadians.

The investigation began in April 2017 when a London resident alerted the RCMP to an elaborate scheme to defraud one (1) million dollars based on fraudulent securities and option trades. Armed with aliases and forged sales receipts, the suspect lured the victim to invest more money into non-existent trades. The investigation continued resulting in the identification of over one hundred more Canadian victims, each losing thousands of dollars to fake futures trades. Some of the victims’ names were then handed over to another group of individuals, who in turn would pose as asset-recovery specialists; these victims were enticed to send even more money in a futile attempt to recover their funds lost in the fraudulent scheme.

Charged is Ronald Abrams (72) of Toronto, Ontario with:

  • Fraud over $5,000, contrary to the Criminal Code, and
  • Possession of Proceeds of Crime, contrary to the Criminal Code.

Mr. Abrams is scheduled to appear at the London Courthouse located at 80 Dundas Street, in London on June 18, 2018, Courtroom 5 at 9:30 am.

“This particular case highlights the need for victims of fraud to come forward despite any personal stigma they may feel.  Without the timely participation of certain witnesses, this individual and his associates, who we allege had already stolen over $6,000,000 dollars could have continued to steal more money from more Canadians without consequence. The RCMP recognizes that the public is one of the most powerful partners any law enforcement agency can have in keeping Canadians safe from criminals and thanks them for their efforts in this matter,” said Inspector Joe Czenze, Officer in Charge of RCMP London.

The investigation by the RCMP is continuing with assistance of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

Anyone receiving unsolicited invitations to invest in futures or other securities should exercise caution. If anyone suspects the investment opportunity is fraudulent, they should contact the Canadian Anti-Fraud Centre at their toll-free number 1-888-495-8501 or online at www.antifraudcentre-centreantifraude.ca/index-eng.htm. Anyone with information regarding criminal activity is encouraged to contact their local police, the RCMP at 1-800-387-0020 or Crime Stoppers at 1-800-222-TIPS.