This article was last updated on April 16, 2022
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On Tuesday, April 24, 2012, police arrested a man in a securities fraud investigation.
It is alleged that:
-the accused set up a company to attract investors to pool their money for the purchase of shares in two publically traded mining companies
– the accused set up a bank account for the company and received funds from the investors payable to the registered company
– the investors entered into a “Subscription Agreement” with the registered company which was to be used for the purchase of shares in the mining companies.
– the accused received the funds but did not purchase the shares to be delivered to the victims.
-the accused was not registered with the Ontario Securities Commission under the Securities Act (Ontario) to trade in securities.
– the 10 victims lost in excess of $1.2 million
Carlos Alberto Pavao, 51, of Mississauga, has been charged with:
1) 11 counts of Fraud Over $5,000
He is scheduled to appear in court on at College Park, on Thursday, June 14, 2012, room 505, at 2 p.m.
Police believe there may be more victims.
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