Victims lose over $240,000 in fraudulent investment scam, Ottawa police say

Ottawa Police sign outside headquarters on Elgin St. in Ottawa. (CTV News Ottawa)

A 39-year-old Ottawa man is facing fraud charges for allegedly running a fraudulent investment scam that defrauded friends and acquaintances of over $240,000.

The Ottawa Police Service says the investigation shows the scam ran between December 2023 and September 2024.

“(The suspect) allegedly approached each victim and offered them an opportunity to invest with a company that he presented as being a real estate platform, presenting himself as a qualified investor,” police said in a media release Thursday.

“(The suspect) took the victims’ money and used it to cover personal expenses and to invest in cryptocurrency.”

Timothy Laflamme, 39, of Ottawa is charged with eight counts of fraud over $5,000 and two counts of fraud under $5,000.

Investigators would like to speak with anyone who has more information. You can contact the Ottawa Police Service’s Fraud Section at 613-236-1222, ext. 5190.