BC Ponzi schemer gets a prison sentence for investment fraud

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A Surrey man who bilked investors through a Ponzi scheme has been handed a 27-month prison sentence for fraud, according to the BC Securities Commission (BCSC). Roberto Castano was handed the sentence for milking eight investors in a Ponzi scheme in which he issued promissory notes, claiming their money would be invested in stocks. He promised them a 5 per cent return every month on their investments.

Castano was raising money from investors through a company called Skyline Communications, according to the BCSC, and investing it in the stock market through a brokerage account.

Read the full article at South China Morning Post.