A Quebec man has been charged with fraud in connection with an alleged scheme involving fake crypto trading platforms.
The RCMP announced that Patrick Vaillancourt, 44, of Repentigny, has been charged with 33 counts of fraud over $5,000, following an investigation by the region’s Integrated Market Enforcement Team (IMET), which found that at least 185 investors were allegedly defrauded of over $3 million.
Police allege that small investors were convinced to invest on “fake cryptocurrency platforms” with promises of high returns.
“The funds taken from investors were allegedly diverted mainly to Mr. Vaillancourt for personal use and to pay other investors to perpetuate the fraud,” the RCMP said in a release.
None of the allegations have been proven.
The RCMP also reported that it is “seeing a significant rise in complaints about online investment fraud.”
In particular, police say that these complaints often involve scams that are touted on social media, “where victims are encouraged to invest in cryptocurrencies with the promise of quick, significant returns.”
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