CALGARY (660 NEWS) – Acting on a tip from an investor, RCMP have charged a 73-year-old Calgary man with fraud, alleging the company he set up for investors was all a Ponzi scheme.
The RCMP Integrated Market Enforcement Team (IMET) that specializes in investment fraud says the charge relates to activities between January 2012 and July of 2015 involving Espoir Capital.
Investigators say investors had their funds used in a manner contrary to investor agreements.
Vern Fauth will appear in court in September.
Last year, the Alberta Securities Commission order Fauth to repay more than $3 million for his involvement in the scheme.