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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.

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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.

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