A Richmond Hill business has been linked to a multi-million dollar fraud scheme.
Tzvi Erez, a well-known businessman who ran E Graphix Ltd., was arrested by members of the Toronto Police Fraud Squad, on June 18, 2009, and charged with multiple counts of uttering forged documents, fraud and failure to comply with probation.
According to police, between Aug. 22 and Dec. 8, 2008, Erez defrauded roughly $1.1 million from Glickma Investments Ltd. Through his investigation, court appointed receiver Jerry Henechowicz concluded in a series of reports that Erez “operated a Ponzi scheme,” and Henechowicz “found little evidence that Erez Group’s actual printing business was anything other than a very small print business.”
Henechowicz further concluded Erez “would provide copies of fraudulent and or forged purchase orders, financial statements and cheques allegedly received as payment from customers.”
Reached by telephone, Mr. Henechowicz had no comment on the case. Lou Brzezinski, a lawyer at Blaney McMurtry who was approached by the owner of Glickma Investments last February, said the matter is far from over. “It definitely will progress,” Brzezinski said. “I can tell you that there’s a whole new chapter two.” A call made to Howard Manis, Mr. Erez’s lawyer, was not returned.
