March 6, 2026
RED FM News Desk
York Regional Police say a Toronto man has been charged with fraud in connection with an investment scam that is believed to have affected multiple victims.
The investigation began in March 2025 after a victim reported being defrauded in an investment scheme. The complainant had allegedly invested funds through Equity Line Service Corporation, owned by the suspect, in February 2024, with a promise of a financial return.
By February 2025, investigators discovered five more individuals had invested money with the same suspect. Police allege that the suspect misappropriated the funds for personal use, with the total amount invested exceeding $2.5 million.
After a thorough investigation, 40-year-old Sergiy Shchavyelyev, of Toronto, was charged on December 9, 2025, with six counts of fraud over $5,000.
Investigators have released Shchavyelyev’s photo and are urging anyone who may have been a victim to come forward.
Anyone with information is asked to contact the York Regional Police Financial Crimes Unit at 1-866-876-5423, ext. 6612, or Crime Stoppers at 1-800-222-TIPS. Anonymous tips can also be submitted online at www.1800222tips.com.
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