The Kitchener RCMP Serious and Organized Crime team has arrested and charged two people after at least 160 investors were allegedly defrauded of over 21 million dollars. Back in December of 2010 the Kitchener RCMP launched an investigation based on complaints from several investors. The RCMP determined that from 2006 to 2010, at least 160 people invested money with the Ciccone Group of Companies. The investors were led to believe that they could receive 20 to 30 percent returns on their investment. They were told that their money would be invested in day- trading, development property, or resort properties. The police have determined that the majority of the monies were not invested by the accused, but were instead re-directed to other non-interest paying schemes. Charged with Fraud over $5000 are 64 year-old Vincent Carl Ciccone of Kitchener, and 60 year-old Karen Rose Thomson-Ciccone, also of Kitchener. They are to appear in Waterloo Region Courthouse.