A $7.8 million international Ponzi scheme, busted by the Edmonton Police Service (EPS), has connections to Alberta and B.C.
In early 2020, police became aware of the scheme being run by a man and a woman operating primarily out of Kelowna B.C., and Edmonton. Some of the victims were located as far away as Nevada, U.S. and Australia.
The two suspects were allegedly offering securities in the form of promissory notes to guarantee investors a set return on their investment, which was often presented as a real estate flip.
The scheme was frequently run under the company name Group Venture Inc. and is believed to have been in operation between October 2008 and December 2020.
On Aug. 30, 56-year-old Curtis Gordon Quigley, and 56-year-old Kathleen Treadgold surrendered to the EPS.
They are jointly charged with 80 counts of fraud over $5,000 and one count of laundering proceeds of crime.
Investigators with the EPS Financial Crimes Section believe there may be other victims who have yet to come forward and encourage them to contact the police.