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Two GTA men charged for ‘high value fraud’ in connection with bakery deal

Toronto (December 3, 2019) – Toronto police arrested and charged two operators of Easton Pharmaceuticals Inc., Vincent DeMasi and Evangelos Karayannopoulos in connection with a Toronto bakery ‘high value fraud’. The police accuse the men of purchasing the business allegedly without the intention to pay for it. Furthermore, they are accused of altering an attorney’s letter. The authorities arrested DeMasi on October 29 and Karayannopoulos on the following day, carrying out a search warrant. Both have been charged with Fraud Over $5,000 and Use of Forged Document.

A so-called ‘high value fraud’ was reported in connection with a Toronto bakery on August 19. Subsequently, the Toronto Police Financial Crime Unit started an investment fraud investigation. Allegedly, two operators of Easton Pharmaceuticals Inc. made a deal to buy a Toronto bakery with apparently no intention to pay for it.

Toronto bakery high value fraud

The two GTA men, Vincent DeMasi (51) of Toronto and Evangelos Karayannopoulos (49), a.k.a. Evan Kerras, of Oakville, are alleged of having offered to buy a Toronto bakery. According to CTV News, the two men closed a deal to purchase the ‘Supreme Sweets’ bakery to launch a cannabis edibles line. In order to prove they legitimately bought the bakery, the men are accused of altering an attorney’s letter.

Following this, at the time the deal closed on April 24, they had not paid any of the agreed price for the business. Anyhow, they had taken possession of the 36,000 square foot building and the interior including the production equipment which is worth $9 million, according to the police. CTV News reported even that ‘in its latest quarterly report, filed in October, Easton Pharmaceuticals listed its headquarters as the address of the bakery facility.’

Read more: Toronto real estate agent arrested in fraud investigation

As a result of the investment fraud investigation, the police accuse the men of having no intention to comply with the deal. Therefore, they arrested DeMasi on a search warrant on October 29 and Karayannopoulos the next day. Both have been charged with Fraud Over $5,000 and Use of Forged Document.

Police are concerned there may be more victims.

Anyone with information is asked to contact police at 416-808-7373 or anyone who wishes to report information confidentially on this or a similar incident may contact D. Slenys at Investigation Counsel PC. Anyone who wishes to inquire fraud recovery information on their own case, or wishes to report fraud with whistleblower protection, please contact D. Slenys at 416-637-3151 or dslenys@investigationcounsel.com.