Friends of former High River, Alta. resident James Macleod took the stand last week to testify how the 49-year-old lost hundreds of thousands of dollars in an alleged Ponzi scheme six years ago.
Nine people took the stand at Macleod’s six-day trial in a Calgary courtroom last week. One couple allegedly lost $275,000, another $175,000.
Macleod was charged with theft over $5,000 and fraud over $5,000 after his alleged Ponzi scheme investment targeted residents in High River and area in 2011.
According to the RCMP, victims lost more than $1 million to the scheme.
Macleod’s lawyer said his client never intended to defraud anyone and was simply over his head and uneducated in business and accounting practices.
“He never meant to hurt anyone,” said defence lawyer Mark Canofari.
The judge is scheduled to rule on the case September 25.
Read more at Western Wheel
This article is summarized by Canadian Fraud News Inc.
Deborah McCoy – Is an investigative journalist and has over 17 years of investigation experience in both the private and public business sectors. Since joining CFN, Ms. McCoy has become a true advocate for victims of fraud and increasing the public’s awareness in fraud prevention.