News Release header

SHARE

Gemstone investment Fraud investigation,
Police alerting public to scam targeting gemstone owners



Broadcast time: 14:57
Friday, April 7, 2017

Financial Crimes
416-808-7300

Case #: 2014-3112859


Toronto Police Service Financial Crimes is currently investigating a gemstone investment fraud and would like to speak with other potential victims.

It is reported that:

- representatives using the names "Royal Fine Jewels" as well as "Nygard & Associates," contacted people purporting to be in the business of sales and marketing of fine gems and jewelry

- the people who were contacted had originally bought gemstones as an investment from a company no longer in business called Global Royalties Limited

- the people who were contacted were promised generous returns on their original gemstone investments and began marketing them with these companies

- during the marketing process, opportunities for even-greater investment returns were offered by either purchasing additional gemstones or trading in what they already owned for more expensive gemstones wanted by prospective buyers

- p[eople victimized by these businesses were eventually told a buyer has been found and to sign sales agreements promising sizable returns on their investments to date

- the sales agreements were never fulfilled, and victims were left with gemstones valued at a fraction of what they were purported to be worth

- victims are unable to contact business representatives because all methods of contact have been disconnected

Anyone who has conducted business with Royal Fine Jewels or Nygard & Associates and believes they may be a victim, or anyone with information on persons representing these companies, is asked to contact Detective Constable Kevin Williams at 416-808-7306, Crime Stoppers anonymously at 416-222-TIPS (8477), online at www.222tips.com, or text TOR and your message to CRIMES (274637). Download the free Crime Stoppers Mobile App on iTunes, Google Play or Blackberry App World.


Please download the Toronto Police Service Mobile App for iOS or Android.


For more news, visit TPSnews.ca.



Constable Jenifferjit Sidhu, Corporate Communications, for Detective Constable Kevin Williams, Financial Crimes