By Troy Gillard (Twitter: @Troy_Gillard)

Trial set for man accused of defrauding investors of $10 million

Jan 10, 2019 | 11:34 AM

A Red Deer man accused of using ponzi schemes to steal millions of dollars from investors will go to trial next year.

Joshua James Tenhove 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.

Police looked into allegations that the owner of the company sold or rented light towers with the same serial number to multiple investors and also sold or rented units that were never manufactured.

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.

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Jury selection for Tenhove’s trial will take place April 14, 2020. The trial itself has been scheduled for April 14 – May 1, 2020.