Investment Fraud
ASC: Two Alberta residents engaged in Bluforest pump and dump scheme
Calgary (August 31, 2020) – The Alberta Securities Commission (ASC) announced that they found that Cem (Jim) Can and Charles Michael Miller engaged in a fraudulent pump and dump scheme using the carbon-offsets marketing company Bluforest Inc. while breaching Alberta...
Appeal Court reduced Waterloo fraudster’s sentence
Toronto (August 27, 2020) – The Ontario Court of Appeal reduced the sentence of the convicted fraudster, Daniel Reeve, to ‘time served’. In 2018, the former chief of DPR Financial Inc. was convicted of fraud over $5,000 to 14 years in prison – the maximum sentence for...
Toronto couple charged in cosmetics Ponzi scheme targeting Filipino community
Toronto (August 18, 2020) – Toronto police arrested a man and a woman for an alleged cosmetics Ponzi scheme on August 12. Glenda Esteves (45) and Teddy Lee Esteves (44) from Toronto are accused of defrauding people from Toronto’s Filipino community out of more than...
Former financial planner charged for multi-million-dollar Ponzi scheme
Calgary (August 17, 2020) – Alberta RCMP announced that they laid charges against former financial planner with Espoir Capital, Vernon Fauth, for conducting a multi-million-dollar Ponzi scheme between January 2012 and July 2015. The Alberta Securities Commission (ASC)...
OSC seeks ban for Canadian multi-million dollar securities fraudster convicted in the U.S.
Toronto (August 6, 2020) – The Ontario Securities Commission (OSC) is seeking to ban convicted securities fraudster, Dino Paolucci, who is currently serving his seven-year sentence in the U.S. for a multi-million dollar securities fraud. The former penny stock...
Three California men charged for international multimillion-dollar investment fraud scheme
Sacramento, USA (July 29, 2020) – US authorities laid charges against three California men in connection with a multimillion-dollar investment fraud scheme with victims all around the world including Canada. Christopher Mancuso, John Black, and Joseph Tufo are accused...
Cryptocurrency exchange flagged as offshore investment scam
Winnipeg (July 24, 2020) – The Manitoba Securities Commission (MSC) issued an investor alert against the cryptocurrency exchange CrypTrade24. The bitcoin firm, which offers investment plans in cryptocurrency trading, claims to have its headquarter in Churchill,...
Alberta man found guilty of investment fraud in connection with land development schemes
Calgary (July 22, 2020) – An Alberta Provincial Court found Ronald James Aitkens guilty of investment fraud and misrepresentations in connection with a real estate investment opportunity. The court document said that more than $35 million were raised in total from...
Ontario men charged for illegal stock sales by U.S. regulator
Miami (July 16, 2020) – The U.S. Securities and Exchange Commission (SEC) accused three men of defrauding investors out of more than US$1.9 million in illegal stock sales in connection with Arizona-based wind turbine company, Thunderbird Power Corp. The U.S....
SEC accused five Canadians of running pump-and-dump microcap scheme
Boston (June 19, 2020) – The U.S. Securities and Exchange Commission (SEC) filed a complaint against five Canadians and six offshore entities in the district court in Boston in connection with a pump-and-dump microcap scheme. Shane Schmidt, Nelson Gomes, Michael...
Casting a light on elder financial abuse on World Elder Abuse Awareness Day
June 15, 2020 – Elder abuse is a serious and growing problem. June 15 is the ‘World Elder Abuse Awareness Day’, which provides an opportunity for communities to promote a better understanding of the abuse and threats that older persons are facing by raising awareness...
OSC found Quadriga’s mysterious collapse was due to fraud
Toronto (June 12, 2020) – The Ontario Securities Commission (OSC) found out that the cryptocurrency exchange QuadrigaCX collapsed in 2019 due to a fraud committed by its late founder Gerald Cotten, according to an investigative report published on June 11. When the...
Surrey accountant banned for his role in real estate marketing scheme
Vancouver (June 8, 2020) – Mutual Fund Dealers Association of Canada (MFDA) banned Surrey accountant, Vasant Pragjibhai Patel, for his part in a high-profile real estate marketing scheme, for which he allegedly obtained $425,000 in commission. A hearing panel of the...
Five B.C. residents allegedly involved in US$15 million pyramid Ponzi scheme
Vancouver (May 28, 2020) – The British Columbia Securities Commission (BCSC) accused five B.C. residents of helping to promote a U.S. based Ponzi and pyramid scheme in connection with fake gold mining operations. Monita Hung Mui Chan, Sabrina Ling Huei Wei, Justin...
Two men arrested in advance fee fraud scheme investigation
Toronto (May 25, 2020) – The Toronto police arrested two men on May 12 for allegedly stealing $600,000 posing as lawyers settling a class-action lawsuit in an advance fee scheme. Erik Ariel Fishman (40) and Joseph Simon Rassi (32) are accused of contacting people who...
BCSC longest-ever sentence for Venezuelan hedge fund investment fraud
Victoria (May 15, 2020) – A B.C. Provincial Court convicted James Warring Minnie, a.k.a. Terry James Minnie, for a Venezuelan hedge fund investment fraud and imposed the longest sentence ever resulting from a British Columbia Securities Commission (BCSC) criminal...
Investor Alert: Crestview Exploration mailing
Crestview Exploration mailing exploits fear of Coronavirus recession April 30, 2020 – Investment fraudsters are taking advantage of people’s fears of a Coronavirus recession and are using them to manipulate their victims. Aggressive stock promotion is a technique of...
Investment scams in the COVID-19 era
April 28, 2020 – The COVID-19 pandemic created an environment in which fraud thrives. People are self-isolating at home, economic and market volatility around the world, widespread job losses, and other stressors. These factors leave people with uncertainty,...
‘Incorrigible’ fraudsman sentenced to 12 years in prison for Ponzi scheme
Toronto (April 16, 2020) – In this week's court case we look at the sentencing of serial fraudster David Holden by Ontario Superior Court Justice Michael Dambrot on February 7 of this year. Justice Dambrot sentenced Holden to 12 years in prison and ordered him to pay...
Texas radio host sentenced for securities fraud
Dallas, U.S. (April 7, 2020) – Former Texas radio host ‘The Money Doctor’, William Neil ‘Doc’ Gallagher, was sentenced to 25 years in prison for securities fraud and money laundering. The 79-year-old reached a plea agreement on March 27. Gallagher admitted conducting...
Man accused of $60K investment fraud
Toronto (February 24, 2020) – The Toronto Police arrested Arash Mahdieh in September 2019 for an alleged investment fraud worth $60,000. The investigation is still ongoing since the police believe there may be more victims. After Mahdieh allegedly defrauded a Toronto...