HAMILTON – RCMP have charged a 76-year-old Toronto man with 21 counts of fraud related to an alleged $2.5-million investment scam.
Frederick Williams faces charges related to investments solicited from customers of his four Ontario-based business — Innercleanse 2000, Intensive Cleanse, Herbal Care Direct and Kyra Therapy. Williams allegedly solicited the investments without a licence.
Investors in Nova Scotia, Prince Edward Island and New Brunswick, as well as Ontario, the United States and the United Kingdom received royalty/partnership certificates or territory agreements or both in exchange for their money.
The certificates and agreements indicated investors would receive royalties based on the sale of herbal products in Canada and the United States and at a future date investors would have their initial investments returned.
However, the initial investments were not returned and the majority of investors received little or nothing in the way of royalties, according to a statement issued Wednesday by the RCMP’s Hamilton/Niagara region financial crimes section.
“Seventy-one individuals across Canada, the United States and the United Kingdom were found to have been victimized for approximately $2.5 million,” it said.
Initial proceedings in the case are scheduled for the Ontario Court of Justice in Hamilton on Thursday.