Four Arrested in $16 Million Investment Scam. Remember the Best Way to Help Stop Fraud Is to Report It.

By Staff

BURLINGTON, ON  April 11, 2012  The Fraud Unit of the Halton Regional Police Service,  with the assistance of the Ontario Securities Commission,  has completed an 18 month investigation into the following companies, North American Carrier Services, Hillcorp International Services, Hillcorp Wealth Management, Suncorp Holdings (no relation to Suncor Energy), Exxon Holdings (no relation to Exxon Mobil) and Petro Properties (no relation to Petro Holdings).

The investigation resulted in the arrest of four individuals in relation to a $16 million investment scam that duped approximately 150 investors who were led to believe the investments they made were poised to generate large profits over a short period of time.  The loss to investors has reached $8 million.

Money doesn't grow on trees and fabulous returns are rare - ask questions and try to stifle the greed.

The investigation into the investment companies revealed that investors were told the companies were investing in offshore oil securities.   Using names very similar to well know multi-nationals, investors were probably thinking they were with a solid organization.

Financial Planners are required to file documents showing that they know their clients and fully understand their clients financial needs and their tolerance for risk.  Investors need to make sure they know who they are dealing with – and if the deal they are offered sounds to good to be true – that’s because it was too good to be true.

The following individuals have been charged:

Paul DiNardo (52 yrs) of Burlington, charged with Fraud Over $5000 (two counts); Money Laundering (two counts); Possession of Proceeds of Crime (two counts).  Presently in custody next court date April 13th 2012

Rita DiNardo (64 yrs) of Milton is charged with Fraud Over $5000; Money Laundering, Possession of Proceeds of Crime. Next court date April 23rd 2012

Danny DeMelo (43 yrs) of Milton is charged with Fraud Over $5000, Money Laundering, Possession of Proceeds of Crime, Next Court date April 23rd 2012

Steven John Hill (52 yrs) of Burlington is charged with Fraud Over $5000, Money Laundering, Possession of Proceeds of Crime.  He is presently in custody next court date April 12th 2012

Anyone with information that would assist in this investigation or other persons who may have been victimized are asked to contact Detective Constable Mallinson, Regional Fraud Unit, 905 825-4747 x8740, Crime Stoppers at 1 800 222-TIPS(8477), through the web at www.haltoncrimestoppers.com or by texting “Tip201” with your message to 274637(crimes).

 

Return to the Front page
Print Friendly, PDF & Email

Leave a Reply