Police have charged two people after at least 160 investors were allegedly defrauded of more than $21-million.
The RCMP say that from 2006 to 2010 investors were led to believe they could get 20 per cent to 30 per cent returns on their investments through day trading and development and resort properties.
The Mounties say an investigation found the majority of the money was not invested by the accused and was instead re-directed to other non-interest paying schemes.
Vincent Carl Ciccone, 64, and Karen Rose Thomson-Ciccone, 60, both of Kitchener, Ont., have been charged with fraud over $5,000.
They’re both in custody and were scheduled to make their first court appearance Wednesday in Kitchener, Ont.
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