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March 24, 2021 - 11:13 AM
A couple from Summerland is accused of operating a Ponzi scheme that led to the loss of millions of dollars for investors.
Brian Kitts, 65, and his wife Shannon Kitts, 55, are facing charges of fraud over $5,000, theft over $5,000, and laundering the proceeds of crime.
The charges were laid "following an extensive investigation", an RCMP news release said.
Police say the Kittses were operating several companies identified as Vesta Capcorp Inc. and Vesta Equity Partners in Calgary, and the alleged losses took place between February 2014 and September 2016.
"Unfortunately, the victims sustained substantial losses as a result of their investment within the Ponzi scheme they believed to be legitimate. (RCMP) urges investors to remain vigilant with their investment by performing due diligence," RCMP Inspector Charlene O'Neill said.
The charges were laid after a referral from the Alberta Securities Commission, and the Alberta RCMP Integrated Market Enforcement Team.
The couple is scheduled to appear in a Calgary court next month.
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