Ponzi scheme in Alberta_Globe_Week 1

Ponzi scheme in Alberta_Globe_Week 1 - Calgary police...

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Calgary police charge four after $60-million Ponzi scheme investigation Mon Mar 29, 7:57 PM The Canadian Press By The Canadian Press CALGARY - Calgary RCMP have charged four people after a five-year investigation into what they said was a $60-million Ponzi scheme that victimized more than 1,000 people across North America. "There are no wounds that show on the outside, but on the inside, some people certainly have been crippled," said Staff-Sgt. Dale Glydon of Calgary RCMP commercial crime section. A Ponzi scheme is a type of fraud in which early investors receive returns paid for by later investors, with little or no actual commercial activity taking place. Police say the alleged scheme worked through a company called HMS Financial, which allegedly offered people investment vehicles that promised to pay between eight and 12 per cent return without any financial risk. They say it collapsed in 2004. HMS Financial has also been the subject of an ongoing civil lawsuit since 2005.
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This note was uploaded on 05/17/2011 for the course RSM 230 taught by Professor Prof.maureen during the Spring '09 term at University of Toronto- Toronto.

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Ponzi scheme in Alberta_Globe_Week 1 - Calgary police...

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