Currency fraud based in Toronto stole millions, RCMP say

The RCMP have issued warrants for the arrest of two men they say are responsible for a long-standing and sophisticated fraud linked to a Toronto-based online currency exchange known as InvestTechFX.

InvestTechFX Technologies allegedly bilked investors of millions

RCMP says the foreign exchange trading scheme took millions of dollars from investors around the world 2:39

The Mounties are looking for the people allegedly responsible for a currency trading fraud based out of Toronto that has reportedly bilked customers out of millions of dollars.

The RCMP have issued warrants for Alan Zer, 48, and RonySpektor, 51, the directors of InvestTechFX Technologies Inc., a Toronto-based company pitched as an online foreign exchange platform to trade different currencies.

Investors would put money into their accounts and believe it was being used for trading, when in reality it was transferred into the two men's personal accounts. Customers who attempted to withdraw funds were given phoney reasons for not being able to, and most customers were enticed to invest in the company instead.

The scheme was in operation between January 2008 and last week. The RCMP allege the fraud drew in victims in 10 countries across three continents.

"Today’s frauds continue to grow more complex through the use of technology, which highlights the continued need for awareness and due diligence,”, RCMP officer Dave Bellamy said of the scheme. “We remain committed to detecting, disrupting and dismantling these types of organizations in our efforts to maintain investor confidence and protect the integrity of our economy.”

Investors who believe they have been defrauded by InvestTechFX Technologies Inc. are asked to contact the RCMP financial crime unit at 1-855-253-7267.

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