A Barrie man charged with defrauding local citizens of more than $600,000 was released from custody Monday after spending the weekend in jail.
Reginald Roskaft, 58, a long-time businessman, is charged with several counts of theft and fraud.
Barrie police allege Roskaft operated a Ponzi scheme and pretended he was taking the money of friends and associates to invest it under the bogus name of Trekant Group, but he kept the money for himself.
None of the allegations have been proven in court.
As Roskaft stood in the prisoner’s box, Crown attorney Ann Tierney read off a long list of allegations against him, however, there is a ban on publication of those details.
The publication ban is temporary and put in place to protect Roskaft if his case goes to trial. However, if he takes the case to trial, the trial would not begin for two to four years following several court pretrials involving legal discussions.
Roskaft was allowed to go home to live with his daughter in Oshawa.
Aside from the criminal charges, Roskaft has previously been fined $250,000 in a separate list of offences by the Mutual Fund Dealers Association of Canada (MFDA).
Following a hearing last May, Roskaft was found guilty of misappropriating funds in 2010 and 2011, as well as failing to attend his own hearing and failing to co-operate with the MFDA.
“The Respondent preyed on vulnerable senior citizens, realized significant benefits by appropriating at least $111,799 from his clients and actively misled his clients about the monies advanced to him,” said the MFDA panel in its written decision which can be found on the MFDA public website.
Police say at least seven complainants have come forward. The investigation continues and police are looking for more victims.
Roskaft will be back in court Dec. 1 for a brief appearance
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