Waterloo Regional Police have arrested and charged a Guelph man in connection with a large-scale investment fraud investigation.
Investigators from the police service's commercial fraud unit began their investigation in March 2023, according to a release.
During the 14-month probe, investigators collaborated with other agencies including the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
Investigators identified 23 victims across Ontario who sustained losses of more than $1.4 million, police say.
On May 7, police arrested and charged David Villanueva, 62, of Guelph with:
- Fraud Over $5,000
- Make False Statement in Writing
- Laundering Proceeds of Crime
Villanueva was held in police custody for a bail hearing.
Police said they believe there may be other victims and are asking anyone with information to call 519-570-9777, ext. 6420.
None of the allegations have been tested in court and Villanueva is considered innocent unless proven guilty.
