$1.4 Million Fraud – One Arrested

Source: Waterloo Regional Police Service
Date: Sat May 11 04:50:51 MST 2024

Waterloo Region, Ontario – Waterloo Regional Police Service has arrested and charged a male in connection to a large-scale investment fraud investigation.

In March 2023, investigators from WRPS’ General Investigations Unit – Commercial Fraud began an investigation into an ongoing investment fraud.

Throughout the 14-month-long investigation, WRPS investigators collaborated with other agencies, including the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and identified 23 victims from across Ontario who sustained losses of over $1.4 million.

On May 7, 2024, as a result of the investigation, police arrested and charged David Villanueva, a 62-year-old Guelph male, with:

Fraud Over $5,000
Make False Statement in Writing
Laundering Proceeds of Crime
The accused was held in police custody for a bail hearing.

Police believe there may be other victims and are asking anyone with information to contact police by calling 519-570-9777, extension 6420.

When making decisions regarding investing, Waterloo Regional Police Service encourages members of the public to consider the following to help prevent becoming a victim of fraud:

Be cautious of higher than normal returns on investments.
Research any investment opportunity you are considering, as well as the company or person you are dealing with.
Keep detailed records.
Check the legitimacy of the investment through regulatory sites.
For more information about fraud prevention, please visit the Canadian Anti-Fraud Centre at https://wrps.info/3TvkAuG.

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