On Thursday, October 27, 2011, the Toronto Police Service Financial Crimes Unit arrested a man as part in relation to a fraud investigation.
It is alleged that:
– the man operated a Ponzi scheme under a company known as LexxCo Corporation, located on The East Mall
– the scheme used money that was to be invested to pay “interest cheques” to prior investors
– the victims were lured by advertisements in local newspapers offering a 10-12% return on principle that was to be invested in real estate and small businesses
– of the 12 victims identified to date, there is a reported loss of $2.3 million
Andre Lewis, 47, of Mississauga, is charged with:
1) twelve counts of Fraud over ($5,000)
He is scheduled to appear in court at 2201 Finch Avenue West, on Tuesday, November 1, 2011, courtroom 206 at 10 a.m.
Police believe there may be more victims.