Mother and son plead guilty in Ponzi scheme

A mother and son in Lethbridge have admitted to running an elaborate Ponzi scheme. The pair have plead guilty to seven charges of fraud.

In 2008, RCMP received complaints from people who invested in Front Row Tickets. The company claimed to buy and resell sports and concert tickets, promising investor’s returns of 50% or more.

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RCMP discovered that there was no business, and people were being paid back with money taken from other investors.

Sgt. Doug Johnston is with the RCMP Financial Integrity Team.

 “In some cases there were exorbitant returns promised of 50 per cent or up to 100 per cent in very short periods of time with very little risk. High return and low risk doesn’t usually go together. Particularly when it’s a handshake deal without any documentation.”

Share this on X Click to share quote on X:  "In some cases there were exorbitant returns promised of 50 per cent or up to 100 per cent in very short periods of time with very little risk. High return and low risk doesn't usually go together. Particularly when it's a handshake deal without any documentation."

Marisa Pittarelli, 66, and her son Anthony Pittarelli, have admitted to fraud involving over $1 million in losses.