Man charged in Ponzi scheme to appear in court

Posted Sep 14, 2020 7:19 am.

Last Updated Sep 14, 2020 7:20 am.

CALGARY – A Calgary man charged in a multi-million dollar Ponzi scheme will appear in court Monday.

Vern Fauth, 73, was charged last month with fraud over $5,000.

The RCMP Integrated Market Enforcement Team (IMET) that specializes in investment fraud said the charge relates to activities between January 2012 and July 2015 involving Espoir Capital.

Investigators said investors had their funds used in a manner contrary to investor agreements.

Last year, the Alberta Securities Commission order Fauth to repay more than $3 million for his involvement in the scheme.

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