< 'Unrepentant' fraudster and wife charged in Ponzi scheme that cost investors millions - Canadian Fraud News Inc. | Fraud related news | Fraud in Canada

‘Unrepentant’ fraudster and wife charged in Ponzi scheme that cost investors millions

March 24, 2021 – An “unrepentant” fraudster who fled to Canada before he could be sentenced in Utah has been charged alongside his wife in a multimillion-dollar Ponzi scheme involving several Calgary-based companies. Following what RCMP describe as an “extensive” investigation, Brian Kitts, 65, and Shannon Kitts, 55, from Summerland, B.C., are now charged with fraud over $5,000, theft over $5,000 and money laundering.

The alleged crimes, which RCMP say resulted in the loss of millions of dollars for various investors, took place between February 2014 and September 2016, and involved several companies including Vesta Capcorp Inc. and Vesta Equity Partners. The pair will appear in court in Calgary next month. CBC News reports. | READ MORE