Alberta men charged in alledged $60M ponzi scheme
March 29, 2010 | 15:22
QMI Agency
CALGARY — Three Alberta men are charged with fraud for allegedly running a $60-million Ponzi scheme.
RCMP allege a company called HMS Financial Inc. provided a series of investments that are believed to be part of a Ponzi scheme that was operational from 2001 to 2004.
In a statement, RCMP said more than 1,000 people across North America were victimized to the tune of $60 million.
The statement said investors were told they would get as much as 12% back a month.
The accused will appear in court on April 16. People who feel they may have been victimized are asked to contact the
RCMP's commercial crime section.
Charged with fraud over $5,000 are (Harold) Murray Stark, 73, of Three Hills, Alta.; Robert Fyn a.k.a. Col. Robbie Fyn, 62, of Linden, Alta.; and Garth S. Bailey, 57 of Okotoks, Alta.
The three, along with Katherine Rodrique Bailey, 53, of Okotoks, are also charged with money laundering.
The RCMP have scheduled a press conference for Monday afternoon
| Posted by WBS on Mar 29, 2010 | ||
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