An Alberta man teetering on the edge of bankruptcy is warning others against fraudsters like the one he says took him for thousands of dollars.
Edmonton police said about 12 people have complained about the same man, Brian Desmond Penney, who’s facing one count of fraud over $5,000. When police announced his arrest earlier this month, they said they believe there are more victims and invited them to come forward.
“When I saw his face on Global News, I almost turned inside out,” said the man, who 630 CHED is calling Lawrence to protect his identity. “I didn’t want to see the man, but I was also happy that someone finally put him in his place.”
Lawrence said he previously complained to police about Penney after a business deal went bad in October 2017.
He said Penney suggested the pair buy a steel brake machine using $50,000 of Lawrence’s money. But the machine never materialized.
“The truck didn’t show up with the machine and I was like, ‘OK, I am a total idiot here,'” Lawrence said. “But he had my $50,000 so I didn’t want to yell at the guy too much.”
Lawrence said Penney started to avoid him, making excuses for why the two couldn’t get together to discuss the deal. After seven months of hounding, Penney started to slowly pay Lawrence back. But it was never enough to pay off the credit card he used for the initial investment.
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“Right now I’m slowly, slowly debating whether I should go bankrupt,” Lawrence said. “I’m taking some VISA money from another VISA to pay off this VISA.
“I’m just juggling until I’m probably going to drown here.”
Det. Linda Herczeg of the city police economic crimes unit said some of the complaints against Penney are from as far away as Vancouver and Dawson Creek, B.C.
She couldn’t say whether more charges would be laid, as police are still investigating.
According to court documents, Penney has charges dating back to 1998. Most recently, he was found guilty of fraud over $5,000 and was sentenced to two years in jail and ordered to pay $6,000 in restitution in 2009.
Penney is expected to be back in court to answer to the most recent charge on Friday.
Avoiding fraud
Herczeg said the best way to avoid becoming a victim of fraud is to do your research.
When approached with an investment opportunity, make note of what’s on offer, get the person’s name and the name of their business, then do an internet search. If it’s fraudulent, there is a good chance there will already be evidence online that the person has tried the same scheme before.
WATCH BELOW: (March 6) A police officer and a fraud prevention expert join Global News Morning Calgary to discuss Canadians’ vulnerability in being able to detect fraud and some tips to avoid getting scammed.
Make sure there’s a paper trail for any deal, she added.
“If you don’t have it written down on paper and you don’t have signatures attached to it, don’t go into a verbal agreement for a business contract. Ever.”
Finally, listen to your instincts.
“Almost every time I talk to a complainant they say, ‘My gut told me I shouldn’t be doing this. I knew it was wrong.'”
Lawrence said he wishes he had been more careful.
“If it’s too good to be true, it’s too good.”
WATCH BELOW: March is Fraud Prevention Month. The Alberta Securities Commission has developed the board game “Kajillionaire” to teach people about fraud and ways to ensure you don’t become the next victim.
More tips to avoid fraud can be found on the Canadian Anti-Fraud Centre’s website, or on the EPS website.
None of the recent allegations against Penney has been proven in court.
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