TTC project manager charged with fraud

In July 2009, The Toronto Transit Commission (TTC) began investigating a complaint of fraud involving a TTC project manager and the owner of a paving company hired by the TTC.
The Toronto Police Service began assisting the TTC Special Constables with their investigation in the summer of 2010.

It is alleged that:

– Sebastian Corbo, owner of IPAC Paving Limited, was hired by the TTC to do some contract work,

– between June 2009 and July 2010, he billed the TTC for $198,619.92 for work that amounted to $54,087.75,

– the monetary loss due to the fraud was $149,020.62

– Bruno Colavecchia was employed by the TTC, as a project manager, in charge of overseeing various paving and construction work at TTC sites,

– he was also responsible for the payment of invoices to IPAC and assisted in setting up the contract fees,

It is further alleged that:

– Bruno Colavecchia, his wife Vincenza Grossi, and their son Michael Colavecchia, created bank accounts and received funds directly from IPAC under fraudulent companies.

On Wednesday, June 15, 2011, Sebastien Corbo, 51, of Toronto, was arrested and charged with:

1. Fraud Over $5000,
2. Possession of Property Obtained by Crime,
3. Laundering proceeds of Crime,
4. two counts of Conspiracy to Commit an Indictable Offence.

Bruno Colavecchia, 49, of Maple, was arrested and charged with:

1. Fraud Over $5000,
2. Laundering proceeds of Crime,
3. Possession of Proceeds of Crime,
4. Agent Receive Secret Commission,
5. two counts of Conspiracy to Commit an Indictable Offence.

Vincenza Grossi, 49, of Maple, was arrested and charged with:

1. Laundering Proceeds of Crime,
2. Possession of Proceeds of Crime,
3. Conspiracy to Commit Indictable Offence.

Michael Colavecchia, 21, of Maple, was arrested and charged with:

1. Laundering Proceeds of Crime,
2. Possession of Proceeds of Crime,
3. Conspiracy to Commit Indictable Offence.

They are scheduled to appear in court at 1000 Finch Avenue West on Thursday, July 28, 2011, 1 p.m.

Police continue to work on the ongoing investigation, with the assistance of the TTC.