Burlington man arrested in relation to $1.6M fraud investigation
Published March 24, 2021 at 2:55 pm
The Halton Regional Police Service (HRPS) Fraud Unit has arrested a Burlington man in relation to a fraud investigation.
Police say the accused was an investment industry professional who worked for a financial company that was registered with the Investment Industry Regulatory Organization of Canada (IIROC).
According to police, between 2011 and 2016, two victims invested a total of approximately $1.6 million with the accused to purchase insurance as well as other investments.
The accused diverted the funds he received from the victims to his own bank accounts, police say.
According to police, the fraud was discovered in 2016 when the victims learned that the accused had entered into a settlement agreement with IIROC. This resulted in a permanent prohibition on registration with IIROC.
On March 17, 2021, Brian Kumar, a 47-year-old man from Burlington, was arrested and charged with fraud over $5000 (3 counts), according to police.
Police say Kumar was released on an undertaking.
Anyone with information regarding this investigation is asked to contact Det. Constable Kevin Barkhouse of the Halton Regional Police Service – Fraud Unit at 905-825-4777 ext. 8912.
Tips can also be submitted anonymously to Crime Stoppers at 1-800-222-8477 (TIPS) or through the web at www.haltoncrimestoppers.ca.