Three Greater Victoria men were arrested this week following what police are calling a lengthy investment scheme dating back at least three years.
Warrants were executed by Saanich police's financial crimes unit and the B.C. Securities Commission on Monday and Tuesday to arrest the Saanich and Colwood residents.
Police say the men, claiming to open a local franchise of an American company, collected hundreds of thousands of dollars from friends, family and co-workers, but did not invest the cash.
The year-long investigation stemmed from a Saanich resident, one of the victims, who came forward last spring. As it stands, police say there may be upwards of a dozen victims, as well as others who have yet to come forward.
"Our investigators believe there are other investors in the region who were the victims of a similar type fraud in relation to one of these males," said Saanich police Sgt. Dean Jantzen.
Arrested and facing criminal and securities act charges are Saanich resident Frank Joseph Pecorelli, 33, and Colwoood residents Garrett Campbell, 30, and Ralph Kelly, 46.
The Saanich police financial crimes unit can be contacted at 250-475-4321.
kslavin@saanichnews.com