Guelph man accused of large-scale investment fraud
Source: Andrea Piacquadio/Pexels
A Guelph man is a charged with defrauding victims out of more than $1.4 million.
Waterloo regional police said they began investigating an ongoing investment fraud in March 2023.
Over the next 14 months, and with the help of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), they identified 23 victims from across Ontario.
The total loss is estimated at $1.4 million.
A 62-year-old man, identified as David Villanueva, was arrested on May 7.
Police said he’s charged with fraud over $5,000, making a false statement in writing and laundering proceeds of crime.
Police believe there may be more victims of Villanueva’s alleged investment scheme. They’re asking anyone with additional information to call 519-570-9777, ext. 6420.
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