Man, woman charged in year-long fraud investigation in GTA
Posted August 14, 2020 2:04 pm.
Last Updated August 14, 2020 2:05 pm.
Toronto police have charged a man and woman in a year-long fraud investigation dubbed Project Cosmo that allegedly involved a cosmetic Ponzi scheme targeting the Filipino community in North York and elsewhere in the GTA.
Police say the investigation focused on several fraudulent companies, Mac Glamour Ltd., Infy Trading Incorporated, and B + E investments.
Police allege Mac Glamour recruited victims to register second mortgages, loans, cash and other equity to invest in the future of the company. The investors were allegedly lured with promises of large payouts that never materialized.
Police say the alleged fraudsters bilked the investors out of over $3.5 million.
On Wednesday, members of the Financial Crimes and Fraud units executed a search warrant in the Yong Street and Finch Avenue West area.
Glenda Esteves, 45, and Teddy Lee Esteves, 44, both of Toronto were arrested. They are facing charges of fraud over $5,000, uttering a forged document, and laundering the proceeds of crime.
