(RCMP)

By Justin Goulet

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Calgary-area man charged in multi-million dollar Ponzi scheme

Aug 18, 2020 | 1:39 PM

CALGARY, AB – A 73-year-old man faces a charge in connection with a major Ponzi scheme.

After receiving a complaint by an investor, the Alberta RCMP Integrated Market Enforcement Team (IMET) looked into allegations of fraud perpetrated by an individual in the company Espoir Capital.

RCMP say the Ponzi scheme was conducted over multiple years and investors has their funds used “in a manner contrary to investor agreements”.

Mounties say the investigation was conducted with the assistance of the Forensics Accounting Management Group, Financial Transactions and Reports Analysis Centre of Canada, Public Prosecution Service of Canada and Specialized Prosecutions.

Vern Fauth is charged with fraud over $5,000 contrary to Section 380(1)(a) of the Criminal Code of Canada. RCMP say the charge is related to activities undertaken between January 2012 and July 2015.

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“Unfortunately, the victims suffered a considerable loss as a result of their investment within the Ponzi scheme they believed was credible. The economic and societal damage of these types of criminal acts are immeasurable and investors are reminded to remain vigilant with their investments,” stated Corporal Christopher Girard, Investigator with the Alberta RCMP IMET.

“Albertans are reminded to remain aware of potential scams, conduct their due diligence with their investments and report when suspected criminal acts are believed to have occurred.”

Fauth is set to appear in Calgary Provincial Court on September 14.

(Lethbridge News Now)