Two Ontario residents are facing criminal charges for their alleged involvement in a years-long investment scheme known as “Golden Zone Corporation.”
The Ontario Securities Commission (OSC) says between December 2021 and December 2023, a man and a woman told investors their funds were being professionally traded on well-known platforms. The suspects also assured investors their money was protected and promised them weekly returns of five to nine per cent, the independent Crown corporation said.
“The OSC believes these claims were false,” it indicated in a news release.
“About $4 million was collected from investors, but only a small amount was used for real investment trading. Most of the money was instead used to pay earlier investors, or for the personal use of (the accused).”
On Tuesday, Sejean Reid and Whitney Charles, both of Oakville, were arrested and charged with fraud over $5,000 and laundering the proceeds of crime. The charges have not been tested in court.
They have both since been released on a promise to appear in court. They have a July 17 court date.
Halton Regional Police Services assisted with the arrests. The Financial Transactions and Reports Analysis Centre of Canada also helped with this investigation.
The OSC urges any investors who were solicited by Reid or Charles, or who invested in Golden Zone Corporation, to contact them at 1-877-785-1555 or inquiries@osc.gov.on.ca.
Thanking all who have come forward with information to date, the agency reminds investors to always check the registration of any person or business trying to sell them an investment or provide investment advice. This can be done online by visiting the OSC website.
