CALGARY – RCMP have laid charges against two men associated with a failed Calgary real estate investment company.
Six years ago, Concrete Equities raised money from Canadian investors for the purchase of undeveloped beach properties in Senora, Mexico, entitled the El Golfo de Santa Clara Project.
However, Concrete Equities Inc. and all of their related corporations went into receivership in 2009.
After a three year investigation, police have now charged Varun Aurora and David Nelson Humeniuk with three counts of fraud over $5,000 and one count of theft over $5,000.
It is alleged that between June 4, 2007 and May 13, 2009, the pair provided false information to investors, diverted funds to other business ventures outside of the investment agreement and stole investors funds.
Humeniuk has been with an additional theft over $5,000 and one count of money laundering for allegedly taking $1 million of investors’ funds for his personal use
He has been arrested and is scheduled to appear in court on February 27, 2014.
Meanwhile, a Canada-wide warrant has been issued for the arrest of Aurora.
RCMP say the loss to investors as a result of this fraud and theft exceeds $23 million.
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