May 29, 2018 (Courtesy of the Canadian Press) – RCMP have arrested and charged two people in a multi-million dollar fraud case involving hundreds of investors in Alberta.
Investigators say two people in Calgary that operated a company called Base Finance Ltd. raised $27 million from investors in 2014 and 2015.
The RCMP Federal Serious & Organized Crime Financial Integrity Unit alleges investors were told the money was for mortgage lending, but the cash was instead paid out to other investors.
Mounties say they began the complex probe after getting a tip from the Alberta Securities Commission and received help from federal forensic accounting experts.
Arnold Breitkreutz, who is 70, and 67-year-old Susan Way, have been charged with fraud over $5,000 and theft over $5,000.
They are to appear in Calgary provincial court on Monday and have been ordered to surrender their passports and remain in Canada.
“This has been an extremely complex investigation involving substantial resources, interviews and time” Sgt. Doug Johnston said in a release Friday.
“We are pleased to be able to conclude this investigation with charges.”
Breitkreutz and Way have been released on bail with conditions that include not contacting certain investors and not dealing with land, money or securities of others.
Marina Burghard writes for Canadian Fraud News about fraud-related cases, whistleblower, jurisdiction, identity theft, consumer protection, etc. – essentially about scams and how to protect yourself against this kind of fraudulent criminal behavior. She holds a Master’s degree in Political Science where her interest in criminology grew. Besides fraud, Marina’s scientific interest lies in terrorism, extremism and how to deal with it as a society.