FINTRAC C$6mn Fraud Scheme

On 27 April, FINTRAC and RCMP charges for AML securities scam.

  • Ronald Abrams of Toronto ran a C$6mn scam based on securities and options.
  • RCMP was alerted to elaborate scheme using aliases and forged sales receipts.

Alleged Violations

  • One hundred Canadian victims lost thousands of dollars to fake futures trade.
  • The defendant lured the victims to invest the money into non-existent trades.
  • Some of the victims' names were handed over to another group of individuals.
  • This group would in turn pose as asset-recovery specialists; the victims were
    enticed to send even more money in futile attempt to recover their lost funds.


  • Abrams to appear in court in Jun.; investigation by RCMP/FINTRAC continues.