Police seek pair after $7M investment scam

first_img California fraudsman gets 10 years for $147M global investment scam Hedge fund founders face OSC charges James Langton Police are seeking public assistance in tracking down a couple of fugitives facing fraud charges in connection with an alleged multi-million dollar investment scam. The RCMP’s GTA Financial Crime Unit announced that it is looking for two former Toronto residents, Jeffrey Pogachar, 44, and Paola Lombardi, 39, who are believed to have fled to Central America and the Bahamas, respectively. Warrants have been issued for their arrest, and they are actively being sought by the RCMP and Interpol. Keywords Fraud Share this article and your comments with peers on social mediacenter_img Related news The pair are facing fraud, theft and money laundering charges amid allegations that over $7 million was fraudulently misappropriated in an alleged life settlement scam involving the New Life Capital Corp. The allegations have not been proven. Police say that New Life, which operated in the U.S. life settlement industry, raised approximately $22 million from over 600 investors, largely in Canada. But that more than $7 million of investors’ funds were diverted to accounts they controlled in the Bahamas, rather than being invested in life policies as promised. “It is alleged that Pogachar and Lombardi created various Canadian and Bahamian shell companies, all unrelated to New Life, in order to misappropriate and launder the $7 million through an international network of businesses and financial institutions,” it says. Back in 2012, the Ontario Securities Commission (OSC) ordered $22.5 million in disgorgement, penalties, and costs against Pogachar, Lombardi, New Life, and various other companies after a hearing found that they violated securities laws, traded without registration, and perpetrated a fraud. They were also permanently banned by the commission. According to the OSC’s delinquency list, those sanctions remain unpaid. Fraud in Canada continues to climb: StatsCan Facebook LinkedIn Twitterlast_img read more