Close X
Wednesday, November 13, 2024
ADVT 
National

Vancouver's Rajiv Dixit And Toronto Man Arrested In $93-Million Pyramid Scheme 'Banners Broker'

The Canadian Press, 09 Dec, 2015 11:14 AM
    Toronto police have charged two men in an alleged multimillion-dollar pyramid scheme that involved thousands of participants around the world.
     
    Police say the scheme — known as "Banners Broker" — was operated out of a Toronto address between October 2010 and March 2013.
     
    They say it offered participants the opportunity to double their money by investing in an advertising company that had access to a "globally renowned network."
     
    The scheme's participants were led to believe their investments were being applied towards a program offering payment for the direction of web traffic via referral links.
     
    Police say the program's existence was entirely dependant on the fee-based entry of new members to the scheme, and that little or no real product or service was actually provided.
     
     
    They say new investors were drawn into the scheme by false or misleading representations.
     
    By the end of 2012, police say more than US$93 million was obtained from thousands of participants, of which about $45 million was paid back to participants in the scheme.
     
    The remaining funds were funnelled to a number of offshore accounts in Belize, St. Lucia, Cyprus and other locations.
     
    Police say Christopher George Smith, 45, of Toronto, and Rajiv Dixit, 45, of Vancouver, have been arrested.
     
    They have been charged with defrauding the public, possession of proceeds of crime and laundering proceeds of crime. They have also been charged under the Competition Act with operating a pyramid scheme and making false or misleading representations.

    MORE National ARTICLES

    Alberta Premier Says Farm Bill Is About Dignity, Basic Rights; Stands Firm

    Alberta Premier Says Farm Bill Is About Dignity, Basic Rights; Stands Firm
    EDMONTON — Alberta Premier Rachel Notley moved Thursday to quell a maelstrom of discontent over her farm safety bill by saying it's foremost about safety and dignity.

    Alberta Premier Says Farm Bill Is About Dignity, Basic Rights; Stands Firm

    Edmonton Retiree Winner Of $30Million Lotto Max Jackpot; Will Help His Children, Travel

    Edmonton Retiree Winner Of $30Million Lotto Max Jackpot; Will Help His Children, Travel
    EDMONTON — An Edmonton man did not tell his wife for several days that he held the winning Lotto Max ticket for $30 million.

    Edmonton Retiree Winner Of $30Million Lotto Max Jackpot; Will Help His Children, Travel

    Banks Defy Sluggish Economy, But Analysts Question Whether It Can Last

    Banks Defy Sluggish Economy, But Analysts Question Whether It Can Last
    Combined, the six largest lenders — Royal Bank, TD Bank, Scotiabank, the Bank of Montreal, CIBC and National Bank — earned $34.88 billion in net income during fiscal 2015, up almost five per cent from $33.27 billion last year.

    Banks Defy Sluggish Economy, But Analysts Question Whether It Can Last

    CRTC Uses Anti-spam Powers To Take Down Toronto-based Malware Server

    CRTC Uses Anti-spam Powers To Take Down Toronto-based Malware Server
    A computer infected with Dorkbot can also download other malware and compromise a system further.

    CRTC Uses Anti-spam Powers To Take Down Toronto-based Malware Server

    Son Of Slain Couple Stands By RCMP And Crown Despite Disclosure Problems

    Brett McCann has been attending a pre-trial hearing this week for Travis Vader, who is charged with two counts of first-degree murder in the 2010 deaths of Lyle and Marie McCann.

    Son Of Slain Couple Stands By RCMP And Crown Despite Disclosure Problems

    Fiat Chrysler Recalling 121,603 Dodge Darts Worldwide For Brake Issue

    Fiat Chrysler Recalling 121,603 Dodge Darts Worldwide For Brake Issue
    The recall affects 2013 and 2014 model year Darts with 2-litre and 2.4-litre engines.

    Fiat Chrysler Recalling 121,603 Dodge Darts Worldwide For Brake Issue