York Regional Police charged a man with investment fraud totalling $20 million.
The suspect ran an investment company called New Horizons Mortgage Investment Corporation from 2004 to 2017, police said.
Investigators determined there were 33 victims defrauded during that time.
The investigation began in 2017 after a woman came forward reporting she had been a victim of a mortgage investment fraud.
The suspected was arrested at a hotel in Barrie on July 31.
Derek Scheinman, 42, of no fixed address, is charged with defraud the public, fraud over $5,000, two counts of possession of the proceeds of crime, two counts of laundering proceeds of crime, and falsification of documents.
He was scheduled to appear before the Ontario Court of Justice in Newmarket on Aug. 9.
This investigation is ongoing. Anyone with information is asked to contact the York Regional Police Financial Crimes Unit at 1-866-876-5423, ext. 2486, or Crime Stoppers at 1-800-222-TIPS, or by leaving an anonymous tip online at www.1800222tips.com.