A 73-year-old Calgary man is facing a fraud charge related to his alleged operation of a multi-million dollar Ponzi scheme that misdirected investors’ funds over multiple years.
Vern Fauth is charged with fraud over $5,000 related to activities involving Espoir Capital between January 2012 and July 2015. The investigation was triggered by an investor’s complaint, RCMP said.
“Unfortunately, the victims suffered a considerable loss as a result of their investment within the Ponzi scheme they believed was credible,” Cpl. Christopher Girard, of the Alberta RCMP Integrated Market Enforcement Team, said in a release.
“The economic and societal damage of these types of criminal acts are immeasurable and investors are reminded to remain vigilant with their investments.”
Fauth is scheduled to appear in Calgary provincial court on Sept. 14.