from Liem Vu, Staff Reporter – www.thestar.com
York Regional Police have charged an elderly former life insurance agent after other seniors were allegedly defrauded of more than $200,000.
The 79-year-old Richmond Hill man surrendered to police Tuesday after a “lengthy investigation” into an insurance investment scam.
Police say four elderly people from Ontario were defrauded of $257,000 between 1998 and 2004.
One of them filed a complaint in April after discovering that $27,000 – believed to have been invested in a Canada Life or Manulife insurance plan – had gone missing.
Harold Forster is facing four counts of fraud over $5,000.
The scam has prompted York Regional Police to remind customers to be mindful when purchasing insurance.
Cheques should be written to insurance companies as opposed to any individual, police added.
Details on agent licensing can be found by visiting the Financial Services Commission of Ontario or by calling 1-800-668-0128.
Scams targeting the elderly have been an ongoing concern.
Toronto police issued a warning earlier this month cautioning seniors about a recent telephone scam in which the caller would falsely claim to be a relative in need of $3,000 to $8,000 for bail.