A notorious con man with a history of fraud spanning decades is once again in hot water, facing new charges in connection with an alleged Ponzi scheme in Ontario. David Villanueva, 62, has been arrested by police in Waterloo after a lengthy investigation, with charges including fraud, making false statements, and laundering the proceeds of crime.
Authorities have identified 23 victims from across Ontario who collectively lost over $1.4 million in what investigators are calling a “large-scale investment fraud.” Villanueva’s firm, The Factoring Collective, which claimed to purchase struggling companies’ accounts receivables at a discount and collect on them in full, abruptly shut down in early 2023, leaving behind a trail of disgruntled investors.
Villanueva’s criminal past is extensive, with six previous fraud convictions and a total of 17 years spent behind bars. Described by an Ontario judge in the mid-1990s as a “vulture” and “shark” who preyed on unsuspecting victims, Villanueva has assumed various identities over the years, including boxer, lawyer, marriage counselor, and scion of a wealthy Caribbean oil family.
From running a fake law firm in Toronto to posing as a psychologist in North Bay, Villanueva’s schemes have left a trail of destruction in their wake. Despite multiple convictions and sentences, he has continued to defraud individuals, with his latest alleged Ponzi scheme in Ontario resulting in significant financial losses for investors.
Waterloo Regional Police are urging any additional victims to come forward as their investigation into Villanueva’s activities remains ongoing. With a history of deception and manipulation, Villanueva’s latest legal troubles highlight the need for vigilance when dealing with individuals promising lucrative investment opportunities.