TORONTO- A 41-year-old Toronto man is facing charges related to an alleged $15 million ponzi scheme that ran for seven years.
The investigation, which began in February, was conducted by Ontario Securities Commission and the GTA Financial Crime Unit of the RCMP.
Investigators said more than 50 friends and family of the accused were defrauded in a scheme where they thought they were investing in low-risk financial promissory notes that would pay a steady rate of interest.
Most of the victims live in Ontario along with 13 who are from Arizona.
Kevin Zietsoff is facing one count of fraud over five-thousand dollars.
He is set to appear at Old City Hall Court Aug. 23.