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

    Saskatchewan Premier Home From Paris, Says World Interested In Carbon Capture

    Saskatchewan Premier Home From Paris, Says World Interested In Carbon Capture
    REGINA — Saskatchewan Premier Brad Wall has returned home after attending the international climate conference in Paris, where he promoted carbon capture and storage technology.

    Saskatchewan Premier Home From Paris, Says World Interested In Carbon Capture

    Canada Lost 35,700 Jobs In November, Jobless Rate Inches Up To 7.1 Per Cent

    OTTAWA — The Canadian economy shed 35,700 jobs in November to reverse a rise in temporary work likely generated by October's federal election, Statistics Canada said Friday.

    Canada Lost 35,700 Jobs In November, Jobless Rate Inches Up To 7.1 Per Cent

    Ontario Won't Raise Mining Tax Despite Auditor's Report: Minister

    Ontario Won't Raise Mining Tax Despite Auditor's Report: Minister
    TORONTO — Northern Development and Mines Minister Michael Gravelle says the Ontario government is not going to increase the mining tax, despite the auditor general's concern about falling revenues.

    Ontario Won't Raise Mining Tax Despite Auditor's Report: Minister

    Attorney General Asks Supreme Court For Extension On Assisted Suicide Deadline

    Attorney General Asks Supreme Court For Extension On Assisted Suicide Deadline
    OTTAWA — The Supreme Court of Canada must decide if it will grant a six-month extension to the federal government to respond to its landmark ruling on doctor-assisted death.

    Attorney General Asks Supreme Court For Extension On Assisted Suicide Deadline

    Military Police Unit Investigates Alleged Sexual Assault On HMCS Athabaskan

    Military Police Unit Investigates Alleged Sexual Assault On HMCS Athabaskan
    HALIFAX — Military police are investigating an alleged sexual assault involving members of the navy on board HMCS Athabaskan.

    Military Police Unit Investigates Alleged Sexual Assault On HMCS Athabaskan

    Feds Seek 3-Month Delay To Reassess Court Challenge Of RCMP Gun Data Destruction

    Feds Seek 3-Month Delay To Reassess Court Challenge Of RCMP Gun Data Destruction
    OTTAWA — The constitutional challenge to a Conservative law that retroactively cleared the RCMP for destroying gun registry data has been put on hold while the new Liberal government reassesses its options.

    Feds Seek 3-Month Delay To Reassess Court Challenge Of RCMP Gun Data Destruction