Close X
Thursday, November 14, 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

    B.C. Town That Was To Lose Internet Service For Weeks Comes Back On Line

    B.C. Town That Was To Lose Internet Service For Weeks Comes Back On Line
    STEWART, B.C. — A speedy fix of Internet service has allowed a remote British Columbia town to go back to the future.

    B.C. Town That Was To Lose Internet Service For Weeks Comes Back On Line

    'Fix Or Fold' Senate Says B.C. Premier Christy Clark In Rejecting Proposed Revisions

    In a terse statement, Premier Christy Clark says B.C. will not participate in the newly announced process to appoint members to the upper chamber.

    'Fix Or Fold' Senate Says B.C. Premier Christy Clark In Rejecting Proposed Revisions

    Rate Of Foreign Ownership Of Toronto, Vancouver Condos Has Risen: CMHC

    Rate Of Foreign Ownership Of Toronto, Vancouver Condos Has Risen: CMHC
    CMHC released a survey Thursday that says foreign buyers owned 3.5 per cent of condos in Vancouver in 2015, up from 2.3 per cent last year.

    Rate Of Foreign Ownership Of Toronto, Vancouver Condos Has Risen: CMHC

    Boardroom Intrigue: Yahoo Directors Consider Potential Sale Of Company's Foundation

    Boardroom Intrigue: Yahoo Directors Consider Potential Sale Of Company's Foundation
    The boardroom intrigue revolves around a recent proposal from Starboard Value, a New York hedge fund that been pressuring Yahoo CEO Marissa Mayer to take dramatic steps to boost the company's stock.

    Boardroom Intrigue: Yahoo Directors Consider Potential Sale Of Company's Foundation

    Fraser Institute Survey Says Investors Rank Saskatchewan Oil And Gas No. 1

    Fraser Institute Survey Says Investors Rank Saskatchewan Oil And Gas No. 1
    The survey by the public policy think-tank also puts Saskatchewan eighth of 126 worldwide jurisdictions.

    Fraser Institute Survey Says Investors Rank Saskatchewan Oil And Gas No. 1

    State-Of-The-Art Surrey Tennis Centre Opens In Newton

    State-Of-The-Art Surrey Tennis Centre Opens In Newton
    Surrey, BC – The new state-of-the-art, 12-court Surrey Tennis Centre officially opened its doors on Saturday. 

    State-Of-The-Art Surrey Tennis Centre Opens In Newton