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