Toronto man nabbed for ponzi scheme
The person behind a ponzi scheme that bilked people out of nearly a million dollars over the course of 8 years, has been arrested and charged.
Toronto police confirm that a 66-year-old,identifiying himself as John James Illidge, portrayed himself as an investor for different companies between 2009-2017
The victims, who connected with the suspect through social media sites, forked over cash ranging from $20,000 up to $500,000 to invest in companies Illidge claimed he worked for or
He instead took the money and went on spending sprees,using the cash for things like money transfers, cash withdrawals, car purchases and car payments, department store purchases, food and personal purchases.
Illidge then allegedly provided the victims with small amounts of money, he portrayed as interest payments over the course of a year or two, convincing them they were profiting from their investments.
In total, Illidge accumulated $955,980.50 from the victims who reported him.
Following an investigation that began in January of last year, police arrested and charged illidge with a total of 18 offences for theft and fraud on Friday.
Anyone with information is asked to contact police at 416-808-1107, Crime Stoppers anonymously at 416-222-TIPS (8477), online at www.222tips.com, online on our Facebook Leave a Tip page, or text TOR and your message to CRIMES (274637).