FINTRAC’s financial intelligence was recognized by the Ontario Securities Commission in an investigation into an Ontario sole proprietorship claiming to be in the asset management business. The group promised that the funds of 28 investors would be placed in individual trading accounts, however, the funds were instead routed to personal and unrelated third-party accounts. As a result of this investigation, three individuals have been charged with fraud over $5,000 and possession of proceeds of crime, contrary to the Criminal Code. With the financial transaction reports received from Canadian businesses across the country, FINTRAC is providing valuable assistance to law enforcement and national security investigations.FINTRAC’s financial intelligence was recognized by the Ontario Securities Commission in an investigation into an Ontario sole proprietorship claiming to be in the asset management business. The group promised that the funds of 28 investors would be placed in individual trading accounts, however, the funds were instead routed to personal and unrelated third-party accounts. As a result of this investigation, three individuals have been charged with fraud over $5,000 and possession of proceeds of crime, contrary to the Criminal Code. With the financial transaction reports received from Canadian businesses across the country, FINTRAC is providing valuable assistance to law enforcement and national security investigations. Read More