Mississauga man accused of $1.2million securities investment fraud

TORONTO – The director of a fictitious securities investments company was arrested last Tuesday for allegedly pocketing a sum of $1.2 million paid by ten or more investors for shares that never purchased in two publically traded mining companies.

The accused, Carlos Alberto Pavao, 51, of Mississauga allegedly set up a public company and opened a company bank account to which the monies were payable to purchase the shares.

The investors signed a “Subscription Agreement” with the company which was never registered with the Ontario Securities Commission and the money was never used to purchase the shares promised to the victims of the fraud.

Anyone with information is asked to contact police at 416?808?7300, Crime Stoppers anonymously at 416?222?TIPS (8477), online at www.222tips.com, text TOR and your message to CRIMES (274637), or Leave A Tip on Facebook

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Posted by on Apr 27 2012. Filed under Canada, Community, More News, Top Stories. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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