Waterloo Region, Ontario – A 62-year-old man from Guelph, David Villanueva, has been arrested and charged in connection with a large-scale investment fraud investigation, authorities announced.
The Waterloo Regional Police Service (WRPS) launched the investigation in March 2023, involving the General Investigations Unit – Commercial Fraud. Over the course of 14 months, WRPS investigators worked with agencies like the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to identify 23 victims from across Ontario who collectively lost over $1.4 million.
On May 7, 2024, following the investigation, Villanueva was arrested and charged with fraud over $5,000, making a false statement in writing, and laundering proceeds of crime. He remains in police custody awaiting a bail hearing.
Police believe there may be additional victims and are encouraging anyone with relevant information to contact them at 519-570-9777, extension 6420.
To help prevent falling victim to fraud, the Waterloo Regional Police Service advises the public to be cautious of unusually high returns on investments, thoroughly research any opportunities, keep detailed records, and verify the legitimacy of investments through regulatory resources.