The Toronto Police Service has arrested a man and a woman in a Financial Crimes Fraud investigation.
Officers in the Toronto Police Financial Crimes Unit – Corporate Crimes Section – investigated a cosmetic Ponzi scheme targeting the Filipino community in North York and the Greater Toronto Area, along Yonge Street and Finch Avenue West and booked Glenda Esteves, 45, and Teddy Lee Esteves, 44, both residents of Toronto.
The duo has been charged with:
1.Fraud Over 5000.00
2.Uttering a forged Document
3.Laundering the Proceeds of Crime
The investigation focused on several fraudulent Canadian business transactions. The companies allegedly involved are named as: Mac Glamour Ltd; Infy Trading Incorporated and B + E Investments.
It was alleged that Mac Glamour recruited victims to register second mortgages, loans, cash and other equity to invest in the future of the company. The victims were told there was a large financial pay-out and a high percentage paid on their money. They were of course deceived and their money was never used for any investment.
It was further alleged that the accused have defrauded over 3.5 million dollars from unsuspected investors.
The investigation – dubbed Project Cosmo – has spanned a year and police believe there are more victims and other companies involved in defrauding members of the public.