(Kitchener, Ontario – May 7, 2014) – The Kitchener RCMP Serious & Organized Crime team has arrested and charged two people after at least 160 investors were allegedly defrauded of over 21 million dollars.
In December 2010, as a result of complaints from several investors, the Kitchener RCMP Serious & Organized Crime team launched an investigation. As a result of this investigation, the RCMP determined that from 2006 to 2010, at least 160 people were enticed to invest money into investments with the CICCONE GROUP OF COMPANIES. Investors were led to believe that they could receive 20 to 30 percent returns on their investment. They were told that their money would be invested in day- trading, development property, or resort properties. The investigation revealed that the majority of these funds were not invested by the accused and were instead re-directed to other non-interest paying schemes.
On May 7, investigators from the RCMP Serious & Organized Crime team arrested:
They have been charged with Fraud over $5000, contrary to the Criminal Code. Both are currently in custody and are scheduled to make their first court appearance today at Waterloo Region Courthouse in Kitchener, Ontario.
"The RCMP is committed to protecting Canadians from fraudulent investments that serve to undermine the integrity of Canada’s financial systems.” stated Insp. Todd Gilmore, officer in charge of Kitchener RCMP Detachment. "Maintaining Canada’s economic integrity is a priority for the RCMP and we will continue to work diligently to bring these criminals to justice.”
The RCMP would like to thank Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Forensic Accounting Management Group (FAMG) for their valuable contribution to this investigation.
Anyone with information in regards to this or any other crime is asked to contact your local police, the Ontario RCMP at 1-800-387-0020 or anonymously through Crime Stoppers at 1-800-222-8477.
Please visit this link for further information on how the RCMP contributes to ensuring Canada’s Economic Integrity.
Media Availability (Kitchener Detachment, 17 Executive Place, Kitchener, Ontario):
A media availability will be held today at Kitchener Detachment at 12 PM. Insp. Todd Gilmore, O I/C Kitchener Detachment, will be available to outline this investigation and answer questions from the media.
For media inquiries contact:
Cst. Pat Akin
Kitchener RCMP Detachment
Serious & Organized Crime Unit