A Toronto judge sentenced the two investment firm directors following guilty pleas
Two directors of an investment firm have been sentenced by a Toronto court for deceiving more than 1,900 investors.
The co-accused, Alan Zer and Rony Spektor, were directors of InvestTech FX and were investigated by the RCMP’s specialized Toronto Integrated Market Enforcement Team.
The pair were each charged with one count of fraud and one count of proceeds of crime, contrary to sections 380(1)(a) and 354(1)(a) of the Criminal Code.
Following guilty pleas, they received sentences that include imprisonment or house arrest, financial penalties, probation, and restitution of more than $675,000 to their victims.
Mr. Justice Chaffe noted that the accused were involved in "economic violence against both the adults involved and the futures of their children".
Zer and Spektor were also banned from working in the financial markets industry for 10 years, under section 380.2 of the Criminal Code.
While the investigation was led by the RCMP unit, it was assisted by the Canada Border Services Agency, the Ontario Securities Commission, Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Forensic Accounting Management Group (FAMG) and RCMP’s international partners.
If you have any information about fraudulent investment schemes, money laundering or any other criminality, you can contact your local police, the Ontario RCMP at 1-800-387-0020, or report anonymously through Crime Stoppers at 1-800-222-8477 (TIPS), at any time.