Mounties arrest man in Nanaimo for alleged investment fraud

Nanaimo Mounties have arrested a man wanted on a Canada-wide warrant for alleged investment fraud.

The investigation, started by Nanaimo RCMP and the B.C. Securities Commission Dec. 1, 2009, resulted in the arrest of Michael Chodorowski, 40, who police allege defrauded investors in B.C. and Alberta of more than $2 million.

Const. Gary O'Brien said Chodorowski allegedly befriended people in Vancouver and elsewhere who gave him money under the assumption he would make investments for them. He then diverted the money into personal bank accounts that were accessed by him.

"We had been looking for him for some time," said Const. Gary O'Brien, Nanaimo RCMP spokesman. "The pieces came together and he was located in town and taken into custody.

Chodorowski was arrested without incident Friday and was scheduled to appear in Nanaimo provincial court the same day.

He faces four counts of theft over $5,000, three counts of fraud over $5,000 and money laundering.

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