A 73-year-old Calgary man has been charged in connection to a multi-million-dollar Ponzi scheme.
In a news release Monday, Alberta RCMP said they launched an investigation following a complaint from an investor against an individual working with the company Espoir Capital.
Officers with the RCMP’s Integrated Market Enforcement Team (IMET) said the investigation found an employee used funds “in a manner contrary to investor agreements” between January 2012 and July 2015.
“Unfortunately, the victims suffered a considerable loss as a result of their investment within the Ponzi scheme they believed was credible,” Cpl. Christopher Girard said.
“The economic and societal damage of these types of criminal acts are immeasurable and investors are reminded to remain vigilant with their investments.”
Vern Fauth has been charged with fraud over $5,000 and is scheduled to appear in court on Sept. 14.
Anyone who has experienced market-related fraud is asked to contact IMET at CalgaryIMET-EIPMFCalgary@rcmp-grc.gc.ca.
“Albertans are reminded to remain aware of potential scams, conduct their due diligence with their investments and report when suspected criminal acts are believed to have occurred,” Girard said.