CALGARY – Police have charged a man in his 30’s with fraud in connection to a Ponzi scheme that they say netted hundreds of thousands of dollars.
It’s alleged that 38-year-old Chi-ho Chan, also known as Moses Chan, would offer investors the opportunity to support his electronics importing business, asking them to loan him money by way of a promissory note.
In return, it was promised that they would reap the benefits of the sale of electronics imported from Hong Kong and sold in the United States.
Investigators determined it was a Ponzi scheme, with money returned to investors coming from other investors rather than electronic sales.
The investigation also determined that over a nine-year time period, the accused offered no assistance to potential immigrants, instead he allegedly defrauded each victim out of $30,000 to $50,000.
Police say they believe the total loss to known victims is in excess of $700,000.
Chan is charged with two counts of fraud over $5,000.