Residents of Brampton and Mississauga are among the four people charged over an alleged $9 million real estate fraud.
In a press release, the RCMP said the charges came after a joint investigation, tagged Project OEmpire, by the Royal Canadian Mounted Police (RCMP), Integrated Market Enforcement Team (IMET), and the Ontario Securities Commission (OSC).
The RCMP also said two of the people charged established Noble Developments and related companies.
Police said: “These two people were used to acquire land for real estate developments in Brampton and Richmond Hill, in partnership with investors.”
According to RCMP, money was paid by investors to an unregistered investment manager, who allegedly transferred over $9 million to Noble Developments.
In the release, RCMP said: “Instead of making the promised investments, the accused used the funds for personal use and expenses unrelated to construction.”
Police added that many of the accused also forged documents to hide the fraud from investors.
RCMP officer, Sergeant Dave Kim said: “This investigation is a great example of the RCMP and the OSC working together to keep our communities safe. I want to thank the OSC and our RCMP officers, who once again, demonstrated continued commitment in working together to effectively disrupt financial crime.”
37-year-old Michael Hyman of Mississauga has been charged for fraud of over $5,000, contrary to Section 380(1)(a) of the Criminal Code; Intent to obtain property by way of a false pretence, contrary to Section 362(1)(a) of the Criminal Code; and usage of a forged document contrary to Section 368(1)(b) of the Criminal Code.
55-year-old Giuseppe Anastasio of Woodbridge has been charged with fraud of over $5,000, contrary to Section 380(1)(a) of the Criminal Code; and intent to obtain property by the way of false pretence, contrary to Section 362(1)(a) of the Criminal Code.
Also, 65-year-old David Bowen of Owen Sound has been charged with fraud of over $5,000, contrary to Section 380(1)(a) of the Criminal Code; and usage of a forged document, contrary to Section 368(1)(b) of the Criminal Code while 37-year-old Harjot Singh of Brampton has been charged for using a forged document, contrary to section 368(1)(b) of the Criminal Code.
All the accused will make their first court appearance in court on September 21 at the Ontario Court of Justice, Old City Hall Courthouse.
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