Toronto Police Arrest 12, Lay 102 Charges in Financial Fraud Investigation

Toronto police have arrested 12 people and laid 102 charges in connection with a major synthetic-identity fraud scheme dating back eight years. The charges were announced at an April 29 press conference as part of Project Déjà Vu, a two-year probe into a “synthetic-identity fraud” scheme that has resulted in roughly $4 million in losses for area businesses and financial institutions. Toronto Police Service Detective David Coffey described synthetic-identity fraud as a form of financial fraud in which phony personal information is used to open accounts at financial institutions and businesses. “But this isn’t just about fraud,” Det. Coffey told reporters. “Accounts obtained under synthetic-identity are known to facilitate other serious criminal offences, including laundering the proceeds of human trafficking, drug trafficking, and armed robbery among other serious crimes.”...