TORONTO, Jan. 29, 2015 /CNW/ - The Integrated Bankruptcy Enforcement Unit comprised of the Royal Canadian Mounted Police (RCMP) – GTA Financial Crime Section and the Ontario Region Special Investigation Unit (SIU) of the Office of the Superintendent of Bankruptcy (OSB), charged Alex PETROU, a 57 year old male from Toronto with offences under the Bankruptcy and Insolvency Act (BIA) and Criminal Code (CC). The allegations relate to fraud and the abuse of the bankruptcy process, which is intended for the honest but unfortunate debtor.
- Section 198(1)(b) Bankruptcy and Insolvency Act (BIA), Refuse or neglect to answer fully and truthfully all proper questions at an examination (5 counts)
- Section 198(1)(c) Bankruptcy and Insolvency Act (BIA), Make a false entry or knowingly make a material omission in a statement or accounting (4 counts)
- Section 198(1)(e) Bankruptcy and Insolvency Act (BIA), Obtain credit or property by false representation
- Section 198(1)(f) Bankruptcy and Insolvency Act (BIA), Fraudulently conceal or remove any property or any debt
- Section 198(2) Bankruptcy and Insolvency Act (BIA), Fail to comply with duties of a bankrupt (3 counts)
- Section 199 Bankruptcy and Insolvency Act (BIA), Engage in trade without disclosing being a undischarged bankrupt
- Section 362(1)(c)(iv) Criminal Code (CC), Obtain credit by false pretence
- Section 392(1)(a)(ii) Criminal Code (CC), Conceal property to defraud creditors (2 counts)
The matter is scheduled for first appearance at the Ontario Court of Justice – Old City Hall in Toronto on January 30, 2015.
This investigation began in October 2014 after the RCMP/OSB SIU received information of possible wrong doing by Mr. PETROU. It is alleged that Mr. PETROU did not answer fully and truthfully all questions put to him during his bankruptcy examinations and neglected to identify to the Trustee a major creditor as well as several assets. It is also alleged that Mr. PETROU continued to conduct business after filing bankruptcy without notifying the Trustee of his activities and without advising the creditor he was conducting business and that he was an undischarged bankrupt.
Should members of the public have any information related to bankruptcy fraud schemes they are urged to contact the Ontario RCMP at 1-800-387-0020 or anonymously through Crime Stoppers at 1-800-222-8477.
The RCMP and the OSB Special Investigation Units will continue to combine their efforts to investigate allegations of criminal wrongdoing related to bankruptcy and insolvency matters in order to protect the integrity of the insolvency system in Canada.
Website: RCMP in Ontario
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SOURCE Royal Canadian Mounted Police
For media inquiries contact: Cst. Jean JUNEAU, RCMP Media Relations, "O" Division (Ontario), 613-937-7357
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