Four individuals were charged with fraudulent acts contrary to the Criminal Code, following a joint investigation, dubbed Project OEmpire, by the Royal Canadian Mounted Police (RCMP), Integrated Market Enforcement Team (IMET), and the Ontario Securities Commission (OSC).
Two of the accused founded Noble Developments and related companies. These two people were used to acquire land for real estate developments in Brampton and Richmond Hill, in partnership with investors. Numerous investors paid money to an unregistered investment manager, who forwarded more than $9 million to Noble Developements. Instead of making the promised investments, the accused used the funds for personal use and expenses unrelated to construction. Several of the accused also forged documents to conceal the fraud from investors.
The following individuals have been charged:
Michael Hyman of Mississauga (37 years of age):
- Fraud over $5000, contrary to Section 380(1)(a) of the Criminal Code;
- Intent to obtain property by way of a false pretence, contrary to Section 362(1)(a) of the Criminal Code; and
- Use forged document contrary to Section 368(1)(b) of the Criminal Code.
Giuseppe Anastasio of Woodbridge (55 years of age):
- Fraud over $5000, contrary to Section 380(1)(a) of the Criminal Code; and
- Intent to obtain property by the way of false pretence, contrary to Section 362(1)(a) of the Criminal Code.
David Bowen of Owen Sound (65 years of age):
- Fraud over $5000, contrary to Section 380(1)(a) of the Criminal Code; and
- Use forged document, contrary to Section 368(1)(b) of the Criminal Code.
Harjot Singh of Brampton (37 years of age)
- Use forged document, contrary to section 368(1)(b) of the Criminal Code.
All the accused are scheduled to make their first appearance in court on September 21, 2022, at the Ontario Court of Justice, Old City Hall Courthouse, 60 Queen Street West, Toronto, Ontario.
"This investigation is a great example of the RCMP and the OSC working together to keep our communities safe. I want to thank the OSC and our RCMP officers, who once again, demonstrated continued commitment in working together to effectively disrupt financial crime." – Staff Sergeant Dave Kim, Officer in Charge, RCMP IMET
"These charges are another example of how strong collaboration between the OSC and our law enforcement partners ensures that individuals engaged in criminal misconduct in Ontario's capital markets are held accountable." -Jeff Kehoe, Director of Enforcement at the OSC
Law enforcement agencies work diligently to make our communities a safer place to live. Remaining vigilant and informing us of any suspicious activities will help ensure that we remain highly effective.
If you have been a victim of a scam, fraud or cybercrime, please contact your local police as soon as possible. You can also report instances of a scam, fraud or cybercrime, whether you are a victim or not, to the Canadian Anti-Fraud Centre (CAFC). The CAFC is a joint effort of the RCMP, the Ontario Provincial Police and the Competition Bureau of Canada, to combat fraud and cybercrime. Scams and cybercrimes can happen to anyone, anywhere, at any time.
Remember: It's the role of your local police to investigate. The CAFC assists law enforcement through maintaining a central repository of information to assist with investigations. If you or someone you know is the victim of a financial related crime, please contact the CAFC at their website about the CAFC, or call toll free 1-888-495-8501
Should you be contemplating a major investment, investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.ca.