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Guelph man arrested in connection with $1.4M fraud investigation

Investigators identified 23 victims across Ontario during 14-month probe
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Waterloo Regional Police Service file photo

Waterloo Regional Police have arrested and charged a Guelph man in connection with a large-scale investment fraud investigation.

Investigators from the police service's commercial fraud unit began their investigation in March 2023, according to a release.

During the 14-month probe, investigators collaborated with other agencies including the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

Investigators identified 23 victims across Ontario who sustained losses of more than $1.4 million, police say.

On May 7, police arrested and charged David Villanueva, 62, of Guelph with:

  • Fraud Over $5,000
  • Make False Statement in Writing
  • Laundering Proceeds of Crime

Villanueva was held in police custody for a bail hearing.

Police said they believe there may be other victims and are asking anyone with information to call 519-570-9777, ext. 6420.

None of the allegations have been tested in court and Villanueva is considered innocent unless proven guilty.