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Toronto, ON M5H 3S8
|FOR IMMEDIATE RELEASE
October 27, 2014
Omokhodion Oshingbeme Charged Criminally
with Fraud, Possession of Property Obtained by Crime, Failure to Comply with Probation
Order and Failure to Comply with a Recognizance of Bail
TORONTO – The Ontario Securities Commission (OSC) announced today that Omokhodion Oshingbeme of Toronto, Ontario has been charged with alleged breaches of the Criminal Code of Canada following an investigation by the Ontario Securities Commission’s Joint Serious Offences Team (JSOT).
Oshingbeme has been charged with six counts of fraud over $5000 contrary to section 380(1)(a) of the Criminal Code, six counts of Possession of Property Obtained by Crime over $5000 contrary to section 355(a) of the Criminal Code, two counts of failing to comply with a Recognizance of Bail contrary to section 145(3) of the Criminal Code andone count of failing to comply with a Probation Order contrary to section 733.1 of the Criminal Code.
It is alleged that between 2011 and 2013, Oshingbeme defrauded six different victims from across Canada through various criminal acts. This included a scheme where the owners of a retirement home were defrauded of advance fees after Oshingbeme purported himself to be a wealthy foreign "angel investor" looking to invest capital into the retirement home business. The JSOT investigation has determined that the victims lost approximately $290,000 as a result of this alleged fraudulent activity.
Oshingbeme has been arrested by the RCMP and will appear for a bail hearing at 10 a.m. today in Courtroom # 101 at the Old City Hall – Ontario Court of Justice, 60 Queen Street West, Toronto, Ontario.
JSOT was established by the OSC as an enforcement partnership between the OSC and the Royal Canadian Mounted Police Financial Crime program and the Ontario Provincial Police Anti-Rackets Branch. The primary objective of JSOT is to protect investors and further enhance confidence in the Canadian capital markets through effective enforcement. This is accomplished through collaborative investigations of serious violations of the law using the provisions of the Ontario Securities Act or the Criminal Code of Canada.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in the capital markets. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.gov.on.ca
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