Police arrest Guelph man in ‘large-scale’ investment fraud investigation

Waterloo Regional Police have arrested a Guelph man in what they’re calling a “large-scale” investment fraud investigation.

Police launched the probe in March of 2023 and collaborated with other agencies, like the Financial Transactions and Reports Analysis Centre of Canada.

They identified 23 victims across the province who allegedly sustained losses of more than $ 1.4 million.

This week, police arrested a 62-year-old Guelph man named David Villanueva. He has been charged with fraud, laundering proceeds of crime, and making false statements in writing.

Police said there may be more victims relating to the investment fraud. Anyone with further information on the investigation can call 519-570-9777 ext. 6420.

Police also released the following tips to help prevent being defrauded:

• Be cautious of higher-than-normal returns on investments.
• Research any investment opportunity you are considering, as well as the company or person you are dealing with.
• Keep detailed records.
• Check the legitimacy of the investment through regulatory sites.