Oshawa man arrested in $770,000 investment fraud schemes

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Published March 27, 2023 at 6:22 pm

An Oshawa man has been charged in connection to several instances of investment fraud that accrued $770,000 from unsuspecting victims.

According to Durham Regional Police, their Financial Crime Unit launched an investigation into a man who had gotten money through two distinct fraud schemes.

The first scheme had victims invest in a company that would sell tickets to people that would allow them to dump excavated dirt on a private lot in Orono. However, no arrangement was made with the site to accept the drop-offs.

Next the man was allegedly involved in another scam in which investors would put money into a paving company with contracts with two large automobile businesses in Durham Region. However, these contracts did not exist either.

Police arrested Peter Boychyn, 44 of Oshawa, in connection to the scams. He’s been charged with four counts of fraud over $5,000 and was released from custody with conditions.

According to Joseph Martinez, an alleged victim of these scams, Boychyn has been named in more than 30 lawsuits across Ontario. 

Martinez alleges Boychyn operated under Boychyn Excavating Ltd. and DP Developments Inc. and continues to not pay back money collected from investors.

In Feb. 2022 a suit was filed against Boychyn claiming he had requested an investment from a plaintiff in a business to buy dump tickets to off load the dirt in Clarington, which would be re-sold for 100 per cent profit.

“Investors were promised returns of as much as 50 per cent on their investments,” Martinez claimed. “Some handed over hundreds of thousands of dollars before becoming aware that no ‘dump ticket’ contracts actually existed.” Martinez noted these allegations have not been proven in court.

“Investors were promised returns of up to 50 per cent and were pressured to re-invest their profits, according to the lawsuits. In the beginning, investors would get back some of the promised returns, the statements of claim state,” he added. “The venture continued to grow and spread among Boychyn’s associates in Durham Region and the surrounding areas, including multiple business owners and even a law firm.”

Additionally, court documents have found other instances of fraud linked to Boychyn. These include $2.4 million in damages awarded to a plaintiff for breach of contract and fraudulent or negligent misrepresentation.

Police are concerned there may be more victims than have come forward while Martinez was more certain. “We believe there are more victims.”

Anyone with further information can call police at 1-888-579-1520 ext. 5279 or Crime Stoppers anonymously at 1-800-222-TIPS (8477).

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