Man charged after investors defrauded of $1.5M: London police
(Sean Kilpatrick / THE CANADIAN PRESS)
MIDDLESEX CENTRE, ONT. -- A London man is facing fraud charges after clients allegedly lost $1.5 million in investments over the last six years, and police believe there may be more victims.
According to police the investment frauds date back as far as 2014 and involve an investment company called Nobis Group Property Management.
Police say Chanrith Yin, 40, acting as an financial advisor, convinced clients to move their money from one investment company to Nobis, which he had created.
He allegedly, "provided misinformation to clients, and persuaded them to invest a total of $1.5 million in ‘Nobis,'"
When clients asked for the returns on their investments in 2019, police say they then became aware they had been defrauded of various sums of money.
A police investigation began in March 2020, and on Tuesday, the accused turned himself in to police.
He is facing charges of fraud over $5,000 and possession of property obtained by crime.
He was released from custody pending a court appearance on Jan. 21, 2021.
Police say the current investigation involved six individual investors, but they believe there may be more victims and the investigation is ongoing.
Anyone with information is asked to call the London Police Service at 519-661-5670 or Crime Stoppers at 1-800-222-TIPS.