Toronto police say fraudsters posing as representatives of global asset management firm Schroders Management Inc. are scamming investors with fictitious investments.
Police said one investor in Toronto was duped out of more than $200,000 by the scheme, which involved suspects offering high-return investments with little risk.
According to police, the scheme used online ads promoting phony investments that linked to fake investment comparison websites, which were used to obtain investors’ contact information.
“Once the information has been provided, suspects posing as representatives of Schroders Management Inc. will then call victims [and] email fraudulent Schroders prospectuses and application forms to victims,” police alleged.
Police have charged a Brampton, Ont. man with fraud over $5,000, possession of proceeds of crime over $5,000 and money laundering, in connection with the scheme.
The allegations have not been proven.
Police said investigators believe there may be additional victims.