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EDMONTON – Police say a 59-year-old man in Edmonton faces charges after orchestrating a $ 5.5 million Ponzi scheme.
Edmonton police investigators claim that the man uses the name Wakina Consulting Inc. "and would have facilitated 257 fraudulent mortgages between 2009 and 2017, using publicly available documents from true owners.
Police say the owners were unaware of the so-called fraudulent loans and that they were taking out temporary mortgages when they were selling.
Investigators say investors would have been promised administrative fees and monthly interest on their investment.
But they say that an investor would not have received the agreed funds, began to review the contract.
Police claim that Timothy Ray Carruthers was charged with 22 counts of fraud over $ 5,000 as a result of a two-year investigation. "Typically, people who are able to commit fraud at this level understand the case, so it makes them very believable," Det. Linda Herczeg said in a news release.
"When you invest with someone, you want to make sure that they are properly licensed to sell the products they're putting in. Check their qualifications, read the fine print, check it out. seems too good to be true, that's probably the case. "
Police say the accused may have defrauded others and encouraged all other complainants to come forward
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