RCMP charge individual with fraud of $6 million

By The IJ Staff | April 27 2018 01:30PM

The RCMP today announced that its London, Ontario Financial Crime Unit has charged an individual with defrauding the public of over six million dollars stemming from a 12 month investigation into securities-based frauds.

Ronald Abrams (72) of Toronto, Ontario has been charged with fraud over $5,000, contrary to the Criminal Code, and Possession of Proceeds of Crime, contrary to the Criminal Code. Abrams is scheduled to appear at the London Courthouse on June 18, 2018.

Fraudulent securities and option trades

The investigation began in April 2017 when a London resident alerted the RCMP to an elaborate scheme to defraud one million dollars based on fraudulent securities and option trades.

“Armed with aliases and forged sales receipts, the suspect lured the victim to invest more money into non-existent trades. The investigation continued resulting in the identification of over one hundred more Canadian victims, each losing thousands of dollars to fake futures trades,” said the RCMP in a statement. “Some of the victims' names were then handed over to another group of individuals, who in turn would pose as asset-recovery specialists; these victims were enticed to send even more money in a futile attempt to recover their funds lost in the fraudulent scheme.”

Victims urged to come forward despite personal stigma

The RCMP says the case highlights the need for victims of fraud to come forward despite any personal stigma they may feel. “Without the timely participation of certain witnesses, this individual and his associates, who we allege had already stolen over $6,000,000 dollars could have continued to steal more money from more Canadians without consequence. The RCMP recognizes that the public is one of the most powerful partners any law enforcement agency can have in keeping Canadians safe from criminals and thanks them for their efforts in this matter," said Inspector Joe Czenze, Officer in Charge of RCMP London.

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