Instances of fraud continue to rise at an alarming rate across Canada. (Credit: Richard Buchan/The Canadian Press)
Two Ontario men have been arrested and face multiple charges after a three-year police investigation revealed the duo had allegedly been running an investment scam, pocketing over $3 million in the form of loans from private investors.
Halton Police said an investigation was launched by their Fraud Unit after receiving reports from 20 complainants who had invested in Oakville-based “OOM Energy,” also known as “MCS Energy.”
“OOM Energy misled victims to believe that their investments were guaranteed by an insurance program, and were also supplied with forged insurance documents,” Halton Police said in a press release.
Investigators say over $3 million was loaned to OOM Energy by private investors in respect to projects that involved the installation of electrical generators.
Oakville-resident Craig Hugh Clydesdale, owner of OOM Energy, and Markham-resident Thomas Craig McBeath, who worked as an insurance broker for the business, were arrested on June 16, 2023.
Both men have been charged with multiple counts of fraud over $5,000 and forgery related offences.
“It is believed that there may be more victims and witnesses in the community,” said the Halton Police statement. “Anyone with further information is asked to contact D/Cst. Ed Spence of the Halton Police Regional Fraud Unit at (905) 465-8746.”
How can you protect yourself against similar scams?
As Canadians spend an increasing amount of time online to shop, work or communicate, data released by the Canadian Anti-Fraud Centre (CAFC) reveals that fraud, identity crimes and associated cybercrime are growing at an alarming rate.
During 2022, CAFC received fraud reports totalling a staggering $531M in victim losses — a drastic increase from the $379 million reported during 2021 by the same agency.
So what are some steps you can take to determine if a business or organization you want to invest into is a scam or legitimate?
CAFC defines an investment scam as the “solicitation for investments into false or deceptive investment opportunities. These opportunities falsely promise higher-than-normal returns. However, investors lose most or all their money.”
Some examples of these include:
If you are offered unsolicited investment opportunities (even from friends and family), higher-than-normal returns, websites that appear to be fake or requests for cryptocurrency payments, your suspicions should be raised.
To protect your assets from potential scammers, CAFC warns if you choose to invest or partner with a business you are not familiar with, do the research yourself and look for possible scam alerts about the investment being offered. You can also report any fraud, even if it resulted in no money lost, to the CAFC.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
