A Mississauga man is facing charges for allegedly bilking as much as $5 million from 25 people through a Ponzi scheme.
Andre Lewis, 47, faces 25 counts of fraud over $5,000. He operated LexxCo Corp., an Etobicoke real estate and financial services firm. Another two victims have come forward but no further details were immediately available until their information has been reviewed.
“It’s an out and out Ponzi scheme,” Det. Tom Hartford told reporters on Wednesday afternoon, adding the total ranged from $4.6 million to $5 million.
It’s alleged the accused found investors by placing ads in a Toronto newspaper that guaranteed them 10 to 12 per cent rates of return. The money from new investors would be used to pay off existing ones.
One retired couple lost $870,000, said Hartford, who is with Toronto police's financial crimes unit.
Nigel Morgan of Etobicoke told reporters he’s out $3,000, which he says was invested with Lewis for his son’s college education.
Lewis is expected to appear in court for a bail hearing next week.
His assets have been frozen in Canada.
Police say there could be more victims.
No comments:
Post a Comment