A Toronto businessman accused of orchestrating a $12-million pandemic-related Ponzi scheme has been arrested and charged with fraud. Mark E. Cohen's whereabouts had been unknown since last August.
At the time, shadowy figures with ties to underground gambling rings, and others, began showing up at his former North York home demanding to know where he was and that he return large sums of money they had invested with him, according to a source familiar with the situation who is not authorized to speak publicly on the matter.
Cohen and others began contacting investors to pitch what they said would be a lucrative business venture in the fall of 2020, according to a statement of claim filed in December. In the beginning, investors would get back the promised high returns, which encouraged them to invest more, the statement of claim states.
According to a source familiar with the situation who is not authorized to speak publicly on the matter, some of those individuals have ties to illegal gambling rings in Woodbridge, Ont., north of Toronto.
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