Halton Regional Police Service's regional fraud unit has made two arrests, including one man from York Region, after receiving reports from more than 20 complainants who invested in OOM Energy, also known as MCS Energy.
The arrests were the culmination of a three-year police investigation, police said in a news release.
More than $3 million was loaned to OOM Energy by private investors for projects that involved the installation of electrical generators, according to police.
Police say OOM Energy misled victims to believe that their investments were guaranteed by an insurance program, and were also supplied with forged insurance documents.
The owner of OOM Energy, Craig Hugh Clydesdale, 65, of Oakville, and insurance broker Thomas Craig McBeath, 61, of Markham were both arrested on June 16. They are both charged with multiple counts of fraud over $5,000 and forgery related offences.
Police said it is believed there may be more victims and witnesses in the community. Anyone with further information is asked to contact D/Cst. Ed Spence of the Halton Police Regional Fraud Unit at 905-465-8746.
Tips can also be submitted anonymously to Crime Stoppers at 1-800-222-8477 (TIPS) or www.haltoncrimestoppers.ca.
None of the allegations have been tested in court and the accused are considered innocent unless proven guilty.
