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Toronto police have laid a series of charges against a second man in connection with an alleged Ponzi scheme.

Last week, police laid 18 charges against John James Illidge, accused of operating a Ponzi scheme that took almost $1 million from investors.

On Wednesday, police announced that they have also charged a second man, Vincent Phillips, 74, of Toronto. Phillips also faces 18 charges, including five counts of fraud over $5,000, five counts of theft over $5,000, four money laundering charges and four counts of possessing property obtained by crime.

Police allege that a man identifying himself as Illidge through social media sites took almost $1 million from investors, purportedly to invest in companies that he worked for or owned.

Instead, police say, that the funds were used for other purposes, including car payments and other personal consumption.

As part of the scheme, investors also received small payments over time to convince them that they were profiting, police claim.

The allegations have not been proven against either man.