A Calgary man has been charged in what RCMP say was a years-long, multi-million-dollar Ponzi scheme. Vernon Fauth, 73, is charged with fraud over $5,000 for activities police say took place between January 2012 and July 2015 for the company Espoir Capital. "Unfortunately, the victims suffered a considerable loss as a result of their investment within the Ponzi scheme they believed was credible. A previous ASC decision said Espoir had raised $15.5 million over a 10-year period and had told investors their funds were secure. It said Espoir used investor money to repay principal and make interest payments to other investors in the manner of a Ponzi scheme.

Source: CBC News August 17, 2020 22:18 UTC