Police charge man in investigation into $500K fraud

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Waterloo regional police have charged a man following an investigation into a fraud with financial losses exceeding $500,000.

Officials said the investigation looked into allegations dating back to 2017 and involved a property management company. The company managed several condo properties, including service contracts and finances.

In a news release, police said a person connected to the company allegedly received funds from several condo corporate accounts. Five local complexes have been identified as victims so far and the financial loss totals more than $500,000.

A 43-year-old man is facing charges of fraud and theft.

Police said they believe there are other victims. The investigation is ongoing and anyone with information is asked to contact police or Crime Stoppers.