Toronto man allegedly ran $7.1-million fraud scheme

A 50-year-old Toronto man has been charged over his alleged involvement in an $7.1-million fraud scheme, according to Toronto Police documents.

The documents say Steven Joshua Nowack was arrested and subsequently appeared in court last week. He’s been charged with five counts of fraud over $5,000 and two counts of forgery, and the investigation is now international in scope.

Toronto Police add Nowack “presented himself as a foreign-currency trader, trading a pool of funds from his investors in excess of $40 million.” This activity occurred between October 2009 and July 2013. Read more.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.