Skip to main content

The Globe and Mail

Toronto man charged in $7 million fraud probe

Stack of Canadian one hundred dollar bill are seen in this file photo.

RusFaz/Getty Images/iStockphoto

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.

Story continues below advertisement

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.

Report an error
Comments are closed

We have closed comments on this story for legal reasons. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.