POLICE LAY CHARGES IN $30 MILLION FRAUD INVESTIGATION Dec 2016
AN EARLY CHRISTMAS GIFT FOR SPYROS PETER GOUDAS
CHARGES LAID IN $30 MILLION FRAUD INVESTIGATION
Posted on Tuesday December 20, 2016
Investigators with the York Regional Police Major Fraud Unit have arrested nine people and laid 42 charges in connection to a criminal organization responsible for defrauding, businesses, banks and private investors of more than $30 million dollars.
In November 2014, York Regional Police commenced an investigation into the accused John SIMMONDS and his company AC Simmonds Group.
Police and the Ontario Securities Commission received several complaints from victims alleging they had been defrauded by Simmonds and his co-accused.
In early 2014, the company BLVD Holdings, one of the 80 shell companies registered by Simmonds Group began the process of acquiring a food shipping company in York Region.
AC Simmonds was to purchase the company for $10 million from the original owner who had started the company and operated it for the past 45 years.
Once Simmonds took control of the business, he replaced the current system for maintaining the financial records to misrepresent the financial status of the company.
Simmonds and his co-accused, systematically submitted fraudulent documentation from one of his many shell companies and business interests to increase the value of the company in order to secure additional money from lenders, creditors and investors.
Between April and August 2014, in the 5 months that Simmonds had taken control of the food company, he funnelled large sums of money out of the existing business to himself, the co-accused and his shell companies to the point of bankrupting the food company.
The total fraud value at this time is believed to be over $30 million.
Anyone with information or anyone who has had business agreements with BLVD Holdings or AC Simmonds Group are asked to contact Detective Ken Bardai with the York Regional Police Major Fraud Unit at 1-866-876-5423, ext. 6671, Crime Stoppers at 1-800-222-TIPS, leave an anonymous tip online at www.1800222tips.com, or text your tip to CRIMES (274637) starting with the word YORK.