Former Winnipeg CFO busted for millions of dollars in fraud

A 42-year-old man is in custody after allegedly defrauding the Winnipeg crane company he worked for, to the tune of $4 million.

Police said the man used his position as chief financial officer of the company to convert company funds for his own benefit.

The Financial Crime Unit raided an East St. Paul home Thursday and seized relevant financial documents, as well as luxury items like jewelry, clothing, electronics and vehicles.

The suspect was arrested that day at a local business.

Peter Ramdath, former CFO for Winnipeg-based R. Litz and Sons, faces charges of theft over $5,000, possessing property obtained by crime over $5,000, two counts of fraud over $5,000, falsifying books and documents, and laundering proceeds of crime.

Source: Read Full Article