Kitchener: The Kitchener RCMP Serious & Organized Crime team has arrested and charged two people after at least 160 investors were allegedly defrauded of over 21 million dollars.
In December 2010, as a result of complaints from several investors, the Kitchener RCMP Serious & Organized Crime team launched an investigation. As a result of this investigation, the RCMP determined that from 2006 to 2010, at least 160 people were enticed to invest money into investments with the CICCONE GROUP OF COMPANIES. Investors were led to believe that they could receive 20 to 30 percent returns on their investment. They were told that their money would be invested in day- trading, development property, or resort properties. The investigation revealed that the majority of these funds were not invested by the accused and were instead re-directed to other non-interest paying schemes.
On May 7, investigators from the RCMP Serious & Organized Crime team arrested:
- Vincent Carl CICCONE (64) of Kitchener, and
- Karen Rose THOMSON-CICCONE (60) of Kitchener
They have been charged with Fraud over $5000, contrary to the Criminal Code. Both are currently in custody and are scheduled to make their first court appearance today at Waterloo Region Courthouse in Kitchener, Ontario.
“The RCMP is committed to protecting Canadians from fraudulent investments that serve to undermine the integrity of Canada’s financial systems.” stated Insp. Todd Gilmore, officer in charge of Kitchener RCMP Detachment. “Maintaining Canada’s economic integrity is a priority for the RCMP and we will continue to work diligently to bring these criminals to justice.”