CALGARY — A husband and wife from Summerland, B.C., have been charged in a multimillion-dollar Ponzi scheme after an investigation by Alberta RCMP.
After a referral from the Alberta Securities Commission, police began investigating the actions of 65-year-old Brian Kitts and his 55-year-old wife, Shannon.
Police say the Kitts were operating several companies including Vesta Capcorp Inc. and Vesta Equity Partners in Calgary.
An RCMP news release says the alleged fraud resulted in the loss of millions of dollars for various investors between February 2014 and September 2016.
Police say after an extensive investigation, the Kitts face fraud and theft charges over $5,000 and allegations of laundering the proceeds of crime.
An investigation by the Alberta Securities Commission found Brian Kitts and Vesta Capcorp Inc. raised about $4.3 million from 38 investors in an "unsophisticated Ponzi scheme, while diverting investors' capital for personal use and other unauthorized uses."
This report by The Canadian Press was first published March 23, 2021.
The Canadian Press