A 52-year-old Calgary man has been charged with fraud and money laundering after police say a Ponzi scheme was used to defraud people of more than $1.3 million.
Between January 2020 and February 2021, Calgary police said a suspect approached several people about an apparent investment opportunity “claiming to be low-risk with high returns.”
People were asked for short-term loans to buy wine that would later be resold to a confirmed buyer, according to police.
People were told their loans would be paid back within a short time frame, including interest, but that didn’t happen.
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Police do not believe any wine was purchased or sold. Officers believe the suspect used money from new victims to pay back previous victims.
Police said bank records show funds provided by the victims were deposited into accounts belonging to the suspect and “not used in the way described to the victims.”
Seven people have come forward claiming they were defrauded by the man, police said in a news release Tuesday morning.
Brian Robert Gunsten, 52, of Calgary is charged with fraud over $5,000 and money laundering. He is scheduled to appear in court in September.
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