Investigators with Toronto Police have charged two York Region residents in a fraud probe.
According to police, two men pretended to be representing Arden & Bennett LLP and Premier Credit Union, while posing to be from a law firm settling a class-action lawsuit against alleged fraudulent precious gem brokers.
The men, using the aliases Paul Bennett, David Arden, James Greenstein, and James Adelman, would allegedly contact victims believed to have been defrauded after investing in diamonds and gemstones.
Police added that the men would also allegedly promise cash settlements in large amounts from a lawsuit, however, they demanded that the victims make an advanced payment of attorney fees.
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“The information given to victims about the class action lawsuit settlement was false,” police said, adding that the combined loss suffered by the victims amounted to around $600,000.
Evidence seized after police executed search warrants has lead investigators to believe there may be additional victims.
On May 12, police arrested Erik Ariel Fishman, 40, of Vaughan, and Joseph Simon Rassi, 32, of Aurora.
They were both charged with two counts of fraud over $5,000.
Rassi is facing additional charges of two counts of conspiracy to commit an indictable offence over $5,000.
Both are scheduled to appear in court in Toronto on separate days later in July.
Investigators are appealing to potential victims to come forward and speak to police.
Anyone who may have been a victim of fraud or has any information about this investigation, is asked to contact the Toronto Police Financial Crimes Unit at 416-808-7300.
