National

Police allege Calgary man ran $1.3M Ponzi scheme centred on purported wine purchases

Darpan News Desk The Canadian Press, 20 Aug, 2024 03:25 PM

Police in Calgary have accused a man of running a Ponzi scheme involving purported wine purchases.

They say seven complainants have come forward reporting a total of $1.3 million in losses.

They allege that between January 2020 and February 2021, the suspect asked for short-term loans to purchase wine that would later be resold to another buyer.

Police say those who invested started to believe they'd been had after they were not swiftly repaid with interest, as promised.

Investigators believe the wine was not purchased and resold for profit, but rather, new funds coming in were used to pay those who invested earlier.

Fifty-two-year-old Brian Robert Gunsten is charged with fraud over $5,000 and money laundering.

Prev Next

MORE National ARTICLES

Canadian unemployment rate rose to 6.4% in June as jobs market stalls

Statistics Canada said Friday the unemployment rate came in at 6.4 per cent for the month, up from 6.2 per cent in May, as the size of the labour force grew. The June result was the highest reading for the unemployment rate since January 2022 when it was 6.5 per cent.

Canadian unemployment rate rose to 6.4% in June as jobs market stalls

Canada's global reputation suffering under Trudeau, Garneau asserts in autobiography

Former foreign affairs minister Marc Garneau says Canada has lost its standing in the world under the tenure of Prime Minister Justin Trudeau, whom he criticizes as an ill-prepared leader who prioritizes politics and makes big pronouncements without any follow-through.

Canada's global reputation suffering under Trudeau, Garneau asserts in autobiography

Warnings expand as heat wave settles over B.C., with weekend temperatures set to rise

The agency has expanded a series of heat warnings to include the Sunshine Coast and Howe Sound, where daytime highs are forecast to reach 32 C. The hottest temperatures are expected to start hitting the province Sunday.

Warnings expand as heat wave settles over B.C., with weekend temperatures set to rise

First GST/HST credit payment set for July 5

The Canada Revenue Agency says single Canadians could get up to $519 over the course of the four payments, while those who are married or have a common-law partner could get up to $680.

First GST/HST credit payment set for July 5

New poll on PM's future

A Leger poll, conducted online of 1,521 people between June 28 and June 30, found two-thirds of those who responded believe Trudeau will remain as party leader all the way to the next election.

New poll on PM's future

Sudden death of a man in Vancouver

Police in Vancouver are asking for the public's help to identify two men who they say might have information about the sudden death of another man. They say the 35-year-old man was found dead in his apartment in the city's West End neighbourhood on May 30th.