York Police have charged a 68-year-old man from the Town of Milton in connection with a $2 million investment fraud.
In April 2015, officers began an investigation after receiving information about a possible fraud involving a financial advisor.
Investigators believe that between 2002 and 2014 the accused acted as a financial advisor and ran a mortgage-based investment scheme.
The victims were convinced to invest large amounts of money with the accused and were advised that they would be receiving income from those investments.
Eventually, in 2015, the income payments stopped and the victims became suspicious.
Through the investigations, officers discovered that the accused was operating a Ponzi scheme and was paying off victims using money from other victims and no properties existed behind any of the mortgages.
York Regional Police have identified more than 20 victims in York Region, Peel, Halton, Toronto and Wellington County. Many of the victims are elderly people who relied on this money for their retirement.
On Wednesday, August 10, 2016, 68 year old Gerard Mok was arrested at his home in Milton with the help of Halton Regional Police.
Mok is charged with Defrauding the Public and has been held in custody ahead of his court appearance today.
Anyone with information is asked to contact the York Regional Police Major Fraud Unit at 1-866-876-5423, ext. 6612 Crime Stoppers at 1-800-222-TIPS or leave an anonymous tip online at www.1800222tips.com.