Maryland man sentenced for using Ponzi scheme worth over US$396 million

Baltimore (October 16, 2019) – Kevin B. Merrill from Maryland was sentenced to 22 years in federal prison for conspiracy and fraud conducting a Ponzi scheme worth over US$396 million. Together with his co-conspirators, he defrauded investors using his companies...

Securities Commission issues warning against Aureum Energy investments

Winnipeg (October 10, 2019) – On October 8th, the Manitoba Securities Commission (MSC) warned against investing in the U.S. based company Aureum Energy. The so-called ‘Energy Project’ is actively promoting investments in Manitoba. The MSC issued the investor alert...

Man wanted for half-million-dollar investment fraud

Region of Peel (September 27, 2019) – The Peel Regional Police announced on September 26 that Vatsal Khamar is wanted for a half-million-dollar fraud. The man from Toronto allegedly defrauded two victims out of a total of $500,000 in 2016 by conducting an...

Financial commission warns against fraudulent offers for high-risk crypto asset investments

New Brunswick (September 25, 2019) – New Brunswick’s Financial commission joins the warnings issued by international regulators and the Manitoba Securities Commission against 4XFX and Coinbrokerz which claimed to offer investment opportunities in bitcoin along...

Multi-million Ponzi scammer convicted to nine years in jail

Toronto (September 18, 2019) – The Ponzi scammer Steven Joshua Nowack who posed as a highly successful foreign exchange trader has been convicted to nine years in jail on Tuesday. A jury found him guilty on 12 counts of fraud over $5,000. He defrauded his victims...

Former financial planner defrauded his clients out of more than $600,000

Kitchener (September 17, 2019) – Former financial planner and broker, Ronald Schwartz who was contracted to sell Sun Life Financial products defrauded eleven of his clients out of more than $600,000 between 2011 and 2014. On Monday, the Kitchener man pleaded guilty...

Regina woman appeals conviction in multi-million dollar fraud

Regina (August 26, 2019) – Alena Pastuch from Regina appeals her conviction and sentence in a $5.5 million dollar fraud case. The 54-year-old filed the appeal on Tuesday claiming miscarriage of justice and error in fact and law. The Regina woman was convicted of...

Investment fraudster could have targeted Iranian community, police assume

Toronto (August 21, 2019) – A man from Richmond Hill is facing two counts of fraud charges. He allegedly defrauded victims of almost $95,000 in total, CTV News reports. Police assume, he was targeting people in the Iranian community and they encourage victims to...

Former Waterloo Region financial adviser and convicted fraudster back behind bars for at least another year

Kitchener (August 19, 2019) – Former Waterloo Region financial adviser, Daniel P. Reeve who is convicted of fraud is back behind bars for at least another year after the Parole Board of Canada revoked his day parole earlier this month. Reeve was arrested in May...

Regina woman sentenced to 7 years in prison in a multi-million dollar fraud case

Regina (August 16, 2019) – Regina businesswoman, Alena Pastuch was sentenced to 7 years in prison for defrauding investors of $5.5 million between 2007 and 2009 on Friday. The judge suggested to let her serve her sentence partially in a psychiatric center, CBC...

Investment Fraud