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By Troy Gillard

Ponzi schemes alleged

Trial next year for man accused of stealing $10M from investors

Sep 21, 2020 | 4:13 PM

A jury trial will take place next year for a Red Deer man accused of using Ponzi schemes to steal millions of dollars from investors.

Joshua James Tenhove, 48, faces charges of laundering the proceeds of crime, fraud over $5,000, and possession of property obtained by crime over $5,000.

He was charged after Mounties conducted a search warrant at a home on C&E Trail north of Red Deer on December 19, 2017.

The investigation leading to Tenhove’s arrest began in April 2016 after RCMP received reports of suspected fraud involving the purchase, sale and rental of mobile light towers by Silvertip Energy Inc.

The police investigation centred on allegations that the owner of Silvertip Energy had sold or rented light towers with the same serial number to multiple investors and had also sold or rented units that were never manufactured.

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Victims of the fraud included five individual investors with estimated total losses of approximately $4 million, and four or more corporations in Canada and the United States with estimated collective losses of $6.2 million, for total losses of approximately $10.2 million.

Jury selection for Tenhove’s trial is scheduled for Sept. 7, 2021.