Police in Toronto say they believe there may be more victims in an ongoing $7 million fraud investigation.
Police say a 50-year-old Toronto man faces seven charges in an investigation that began in August following a complaint from a Toronto resident.
Investigators allege that between October 2009 and July 2013, a man presented himself as a foreign-currency trader, who was trading a pool of funds in excess of $40 million.
Police say he convinced people, through client references, to invest with him but never returned the invested money.
It's alleged five people were defrauded of approximately $7.1 million.
Steven Joshua Nowack was arrested last week and charged with five counts of fraud over $5,000, and two counts of uttering forged documents.