Toronto man charged with fraud posed as investment broker, contractor to dupe clients: TPS

A man from Toronto has been charged in an extensive and detailed fraud investigation, allegedly posing as an investment broker and contractor to dupe clients of their money.

The Toronto Police Service (TPS) began investigating allegations from January 2022 and September 2022 of a man who presented himself as an investment broker who would convince people to invest money with the promise of significant returns.

Police said the accused would advise his clients that he lost their investments, informing them they would have to sue him to obtain their financial assets. The victims would never receive their money, according to the authorities.

TPS investigated separate claims from November 2024 and January 2024, alleging that the same man posed as a contractor and advised homeowners that he could repair their roofs for a discount.

Police said the man would obtain deposits and not complete any work, resulting in victims never receiving their money back.

Investigators arrested 42-year-old Georgios Sakellaris of Toronto. He’s been charged with six counts of fraud over $5,000, six counts of property obtained by crime over $5,000, six counts of laundering proceeds of Canadian currency and three counts of fraud under $5,000.

The accused was scheduled to appear in court on Monday.

Investigators believe there may be more victims and have released the man’s image, hoping more people will come forward.

TPS officers are reminding residents to exercise caution when approached for services and to avoid sharing personal information with strangers.

“Suspects often target elderly and vulnerable citizens using high-pressure tactics to commence work immediately. They usually demand payment in the form of cash or bank draft,” TPS wrote in a news release. “Be wary of unsolicited contractors going door to door, especially those using pressure tactics and demanding payment in cash/bank draft or demanding a large down payment.”