Two men who allegedly ran a Toronto-based pyramid scheme that netted more than $126 million from people around the world were arrested this morning and face charges, police said. Det.-Sgt. Ian Nichol said the suspects, both 45, operated the online advertising company Banners Broker from an office on Church Street between October 2010 and March 2013. Nichol said by the end of 2012, the scheme had taken in about $93 million US — the equivalent of more than $126 million Cdn — though some $45 million US of the total was paid back to early participants in the scheme. Nichol said when Banners Broker started, it made little to no attempt to conceal the fact that it was a pyramid scheme, and investors at that time either knew or ought to have known what they were getting into. He said thousands of victims lost hundreds or thousands of dollars each, and it’s doubtful they’ll get any money back.
Read the full article at CBC News.
