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Two men facing charges in alleged fraud involving purchase of Toronto bakery

Last Updated Dec 3, 2019 at 4:07 pm EST

Vincent DeMasi, 51, left and Evangelos Karayannopoulos, 49, right have been arrested in a fraud investigation. HANDOUT/Toronto Police Service

Two men are facing charges after allegedly failing to pay for a Toronto-area bakery they agreed to purchase.

City police say the two men approached the bakery owner and struck a deal that was to close in April.

On the closing date, police say the men took over the roughly 3,300 square-metre building and the $9 million worth of equipment inside, but did not hand over the money.

Police allege the men, operators of a company known as Easton Pharmaceuticals Inc., altered legal documents to make it seem as though they had legitimately bought the bakery.

Vincent Demasi, 51, of Toronto, and Evangelos Karayannopoulos, 49, of Oakville, Ont., have both been arrested and charged with fraud over $5,000 and using a forged document.

Police say they suspect there may be other victims and are encouraging anyone with information to come forward.