RCMP, OSC and IMET's joint investigation results in charges against those accused of defrauding multiple investors
Four men have been charged for their alleged involvement in a multi-million-dollar fraud.
A joint investigation was launched by the Royal Canadian Mounted Police (RCMP)’s Integrated Market Enforcement Team (IMET), and the Ontario Securities Commission (OSC).
A company called Noble Developments received more than $9 million from multiple investors through an unregistered investment manager.
The funds were meant to be used to acquire land for real estate developments in Brampton and Richmond Hill, Ontario, but two of the men are accused of using the money for personal expenses unrelated to construction.
Several of the accused are also believed to have forged documents to conceal the fraud from investors.
"This investigation is a great example of the RCMP and the OSC working together to keep our communities safe,” said staff sergeant Dave Kim, officer in charge, RCMP IMET. “I want to thank the OSC and our RCMP officers, who once again demonstrated continued commitment in working together to effectively disrupt financial crime."
The accused
Michael Hyman of Mississauga (37 years of age):
- Fraud over $5000, 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
- Use forged document contrary to Section 368(1)(b) of the Criminal Code.
Giuseppe Anastasio of Woodbridge (55 years of age):
- Fraud over $5000, 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.
David Bowen of Owen Sound (65 years of age):
- Fraud over $5000, contrary to Section 380(1)(a) of the Criminal Code; and
- Use forged document, contrary to Section 368(1)(b) of the Criminal Code.
Harjot Singh of Brampton (37 years of age)
- Use forged document, contrary to section 368(1)(b) of the Criminal Code.
All the accused are scheduled to make their first appearance in court on September 21, 2022, at the Ontario Court of Justice, Old City Hall Courthouse, 60 Queen Street West, Toronto, Ontario.
