Gemstone Fraud: Victims tricked into selling valuables to non-existent companies

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The Toronto Police Service Financial Crimes would like to make the public aware of arrests made in a gemstone investment investigation.

It is alleged that:

• victims were contacted by representatives from companies known as Royal Fine Jewels or Nygard and Associates
• these representatives gave false information regarding the value of gemstones and/or jewelry purchased by the victims
• the victims were given false information about buyers for their gemstones and/or jewelry
• the victims entered into sales agreements with TSE Marketing and Vargas Marketing
• these companies did not exist and the sales agreements were never fulfilled

As a result of this investigation, three men have been arrested:

1. Steven Rosen, 63, of East Gwillimbury
2. Edward Rosenburg, 52, of Richmond Hill
3. David Pelcowitz, 54, of Thornhill

All three men were charged with Fraud Over $5,000.

It is further alleged that the three men used the following aliases:

• Hunter Stevens
• Russell White
• George Bannister
• Peter Nygard
• Dean Myers
• Maria Muldar
• Cathy Holmes

Police are warning the public about people or companies who contact them for the purpose of making quick, risky investments of any kind.

Anyone with information is asked to contact police at 416-808-7300, Crime Stoppers anonymously at 416-222-TIPS (8477), online at, or text TOR and your message to CRIMES (274637). Download the free Crime Stoppers Mobile App on iTunes, Google Play or Blackberry App World.