B.C. women fined for participating in global Ponzi scheme involving fake gold mines – by Tessa Vikander (CTV News – April 20, 2021)

https://bc.ctvnews.ca/

VANCOUVER — Two Metro Vancouver residents have been fined for their role in a worldwide Ponzi and pyramid scheme that duped victims into thinking they were investing in gold mines.

Monita Hung Mui Chan, of Burnaby, and Marie-Joy Vincent, of Surrey, admitted to participating in the scheme, which raised about US$15 million from more than 1,400 investors around the world.

For their part, the pair raised more than US$330,000 from 52 investors, and distributed pamphlets and application forms to potential investors, according to an April 20 ruling from the B.C Securities Commission.

“Chan also recruited other people to promote the investments in British Columbia, while Vincent encouraged the people she raised money from to promote the investments to their friends,” it reads.

The Ponzi scheme involved selling memberships to two companies that claimed to own gold mines.

For the rest of this article: https://bc.ctvnews.ca/b-c-women-fined-for-participating-in-global-ponzi-scheme-involving-fake-gold-mines-1.5395323

 

Comments are closed.