A Burlington man is facing charges in connection to a ponzi scheme.
A three-year investigation found the scheme defrauded victims out of about 1.3 million dollars.
Victims would pay money into the scheme believing it was a legitimate stock investment program. They would receive small returns from the money being invested by new victims. Money invested by victims was then used for the personal and financial gain of the accused.
56-year old Francesco ‘Frank’ Perre has been charged with six counts of fraud over $5000 and misappropriation of funds.
He appears in a Milton court on December 23rd.
Police believe there may be additional victims of this fraud and would encourage them to contact Detective Constable Garry Hans of the Regional Fraud Unit at 905 825 4747 ext. 8742.
