Two Oakville, Ont., residents are facing criminal charges in connection with an alleged multimillion-dollar investment fraud, the Ontario Securities Commission said Thursday.

The regulator alleges Sejean Reid and Whitney Charles have each been charged under the Criminal Code with fraud over $5,000 and laundering the proceeds of crime.

According to the OSC, the pair operated an investment scheme known as “Golden Zone Corporation” between December 2021 and December 2023.

Investigators allege investors were told their funds would be professionally traded on well-known platforms, were protected from risk and would generate weekly returns of between five and nine per cent. The OSC claims those representations were false.

About $4 million was raised from investors, but only a small portion was used for legitimate trading, the regulator said. Most of the funds were allegedly used to pay earlier investors or for the personal use of the accused.

Reid and Charles were arrested on April 21 and later released on undertakings. They are scheduled to appear in court on July 17 at the Ontario Court of Justice in Toronto.

The OSC said the investigation was conducted by its criminal investigations and prosecutions team, with assistance from the Halton Regional Police Service and the Financial Transactions and Reports Analysis Centre of Canada.

The regulator is asking anyone who may have been approached by the accused or who invested in the scheme to come forward.

Officials also urged investors to verify the registration of individuals or firms offering investment opportunities, noting that such checks can help protect against fraud.