GUELPH – A Guelph man who claimed to be a private mortgage and loan broker has been arrested during an ongoing investigation into alleged misappropriation of hundreds of thousands of dollars.
Guelph Police’s Fraud Unit executed a search warrant last week at the male’s residence and seized multiple electronic devices and documents pertaining to the investigation.
Between 2019 and 2024, police say the man allegedly impersonated clients to secure unauthorized loans, accepted funds for fake loans without investing them as agreed, and claimed borrowers were unable to keep up with loan repayments, leading to some investors with significant financial losses.
Guelph Police says it is aware of several victims and losses in the hundreds of thousands of dollars.
The investigation is ongoing.
A 48-year-old Guelph man is charged with four counts of fraud over $5,000, 17 counts of uttering a forged document, and nine counts of identity theft. The male will appear in court in November.
