Charges have been laid against a Calgary man for defrauding some foreign athletes who trained for the Vancouver Olympics in that city.

One of the victims is from the U.S. bobsled team, Calgary police said. They did not name the athlete.

An investigation began in November 2008 after three foreign athletes contacted police to say they were met and befriended by a man advertising the development of a lake-front property for resale.

The man, who started an Alberta company named Canadian Properties Corp. in the summer of 2007, claimed he had purchased a parcel of land near Camrose, Alta.

The three athletes, along with at least seven others, invested $435,000 into Lake Lot Properties in Camrose County, each paying anywhere from $25,000 to $105,000.

After being unable to contact the company in October 2008, the athletes asked police for help.

Investigators said in a release that none of the money has been recovered and is believed to have been used for personal gain by the suspect and an associate.

Robert Gordon Daignault, 42, who is known to Calgary police, was arrested on March 15. He faces various theft and fraud charges.