Four Individuals Charged in $48 Million Fraud Case

Decrease article font size

Increase article font size

Four individuals have been charged following a fraud investigation into a $48 million financial scheme, according to the Waterloo Regional Police.

Authorities stated that their commercial fraud unit has recently wrapped up a detailed, multi-year inquiry into a local firearms and ammunition distribution company, as well as a commercial financing firm.

From 2016 to 2020, the distribution business secured tens of millions of dollars in funding by using fake business documents, according to a police news release.

Get daily National news

Get daily Canada news delivered to your inbox so you’ll never miss the day’s top stories.

The alleged fraud surfaced in 2020 during financial audits that revealed major inconsistencies and ultimately led to bankruptcy proceedings, police said.

“Investigators found that many of the transactions the business reported had never actually occurred,” the release reads.

Police claim that those involved also created false communications and made intentional misrepresentations to make their operation look legitimate in order to obtain funding.

Story continues below

Investigators report that nearly 20,000 fraudulent invoices were submitted, leading to an estimated loss of $48 million.

Read more about Crime Check out more videos

As a result of this investigation, a 52-year-old man and a 48-year-old woman from London, Ont., along with a 56-year-old man from South Frontenac and a 64-year-old man from Guelph have been charged.

The four accused face charges including fraud over $5,000, forgery, uttering forged documents and falsification of business documents.

Additonal charges include possession of property obtained by crime, laundering proceeds of crime and identity fraud.

The accused are set to appear in court at an upcoming date.

& copy 2026 , a division of Corus Entertainment Inc.

Source link