Warrants have been issued for Alan Zer, 48, and Rony Spektor, 51, the directors of InvestTechFX Technologies Inc., a web-based foreign exchange trading company, but police don't know their whereabouts.
The RCMP alleges a fraud spanning three continents and 10 countries bilked victims all over the world out of millions of dollars.
The Mounties say that the pair got foreign exchange investors to open trading accounts and deposit money into the accounts, believing that InvestTechFX was facilitating trading in the foreign exchange market.
But, the RCMP alleges, Zer and Spektor just transferred the money into their own personal accounts.
A search of an office in Toronto, where police say most victims were "enticed" to transfer their funds to InvestTechFX, allegedly found evidence of "boiler room" activities.
Three people working in that office were arrested and released on a promise to appear in court on Jan. 9.