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Edmonton police lay 80-plus prices over alleged Ponzi scheme

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Two folks stand accused of working a $7.8 million actual property Ponzi scheme from Edmonton and Kelowna, B.C., defrauding victims as far-off as Australia.

Edmonton police turned conscious of the alleged Ponzi scheme targeted primarily on buyers in Alberta and British Columbia in early 2020, police stated in a Wednesday information launch.

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“The 2 suspects have been allegedly providing securities within the type of promissory notes to ensure buyers a set return on their funding, which was usually offered as an actual property ‘flip’,” the discharge learn. “The scheme was usually run beneath the corporate identify Group Enterprise Inc., and is believed to have been ongoing between October 2008 and December 2020.”

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The suspects turned themselves in to the Edmonton Police Service Aug. 30.

Curtis Gordon Quigley, 56 and Kathleen Treadgold, 56 are collectively charged with 80 counts of fraud over $5,000 and one rely of laundering proceeds of crime.

Police are involved there could also be different victims. They plan to supply recommendations on easy methods to keep away from scammers at a information convention Wednesday afternoon.

“Ponzi schemes work on the premise of offering preliminary monetary achieve, so most victims imagine the funding to be worthwhile after which make investments extra precept,” EPS Det. Linda Herczeg stated within the launch. “In most Ponzi schemes, some preliminary buyers will obtain a full return on their investments, and the fraudster then makes use of these people as references to persuade the extra skeptical buyers to purchase in.”

Authentic funding alternatives ought to at all times present some type of verification, police stated.

Potential buyers must also analysis the corporate to substantiate that it’s a authorized entity by:

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  • Checking with the Higher Enterprise Bureau
  • Doing a company search to see if the enterprise is a legally registered entity
  • Doing a Google search to see if the corporate comes up, or if there may be any conflicting details about the corporate.
  • When shopping for securities, at all times verify with the Alberta Securities Fee (or your respective provincial regulatory physique) to find out whether or not the vendor is registered to promote securities.

When you imagine you could have been victimized by this fraud, EPS investigators wish to communicate to you. Attain them at 780-423-4567 or #377 from a cell phone. Nameless info will also be submitted to Crime Stoppers at 1-800-222-8477 or on-line at www.p3tips.com/250.