A year-long police investigation into an $11-million investment fraud has led to the arrest of a real estate entrepreneur.$11-million investment fraud has led to the arrest of a real estate entrepreneur.

According to Halton police, more than 70 investors were allegedly scammed out of thousands of dollars over a period of five years.

Jason Robert Laramee, 39, faces three counts of fraud over $5,000, three counts of possession of proceeds of crime and one count of perjury and obstruction of justice.

Larry and Cindy Stevens said Laramee was responsible for their financial ruin. Seven years ago the retired couple invested $300,000 with the real estate entrepreneur who was then living in Oakville.

When the Starspoke with the couple last year, they said they couldn’t afford groceries and had $14 in their bank accounts.

“We really watched our money. We paid down everything we own to get to retire early,” Cindy Stevens told Star reporter Jennifer Yang.

Laramee, a convicted criminal in the United States, directed several companies including RBL Capital Corp. and Brekland Realty Corp here in Canada.

Laramee, who now lives in Mississauga, will appear in a Milton court Friday for a bail hearing.

With files from Jennifer Yang.