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KPMG disputes leaked emails linking firm to offshore companies suspected in massive Ponzi scheme

April 28, 2021 – KPMG is disputing confidential emails from a leak of offshore financial data that show the Canadian accounting firm helped set up four shell companies in the Isle of Man that experts believe were later involved with a massive investor fraud that ran for years out of Montreal.

More than half a billion dollars disappeared offshore in the mid 2000s in what has been called one of the largest investor frauds in Canadian history. 

Three men were eventually convicted in 2016 for their roles in what is known as the Cinar/Norshield/Mount Real fraud, but most of the misappropriated money that went missing offshore has not been recovered. The Fifth Estate and Radio-Canada’s Enquête reported earlier this year that four shell companies in the Isle Man appear to be connected to the missing millions. CBC News reports. | READ MORE