NANAIMO, B.C. – A man who conducted a years-long ponzi scheme in both B.C. and Alberta has been sentenced to six years in prison and must pay $1.6 million in restitution.
Nanaimo RCMP say 41-year-old Michael Chodorowski pleaded guilty to four of eight counts to theft over $5,000 and was sentenced in a Nanaimo court last Friday.
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A two-year police investigation uncovered a scheme where Chodorowski would pay returns to investors from their own money or from new investors, rather than from actual profits.
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He was arrested in Nanaimo last March after police issued a Canada-wide warrant.
Mounties believe he took about $2.5 million from numerous investors.
The B.C. Securities Commission had also charged him with 30 counts of fraud and breaching the Securities Act.
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