A Kitchener, Ont., couple is accused of defrauding at least 160 investors out of more than $21 million, the RCMP says.
Mounties from the serious and organized crime team arrested Vincent Carl Ciccone, 64, and his wife Karen Rose Thomson-Ciccone, 60.
The RCMP said between 2006 and 2010, at least 160 people were enticed to invest money with the Ciccone Group of Companies. They were led to believe they could receive up to 30% returns on their investments and their money would be put into day-trading, development properties or resort properties, police said.
"The majority of these funds were not invested by the accused and were instead re-directed to other non-interest paying schemes," police said.
Both have been charged with fraud over $5,000.
Vincent Ciccone is a friend and sometimes business associate of London, Ont., Mayor Joe Fontana.