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Calgary Police have charged a 52-year-old man with fraud and money laundering after he used a Ponzi scheme disguised as an investment opportunity involving wine purchases dating back to 2020 to defraud several victims.
According to the police, seven victims came forward to claim they were defrauded by the man, totaling more than $1.3 million in losses. “Between January 2020 and February 2021, it is believed the suspect approached multiple people with an investment opportunity claiming to be low-risk with high return.”
“The investment opportunity consisted of asking victims for a short-term loan to purchase wine that would later be resold to a confirmed buyer,” says the police in a News Release.
The investors were told the loan would be paid within a short timeframe, including interest. After failing to receive any payment, the victims determined they had been scammed. Police believe no wine was purchased and resold for profit, instead, the suspect used the funds from new victims to make payments to previous victims, leaving many empty-handed.
“Bank records obtained by investigators confirmed funds provided by the victims were deposited into accounts belonging to the suspect and not used in the way described to the victims.”
Brian Robert Gunsten, 52, of Calgary was charged with fraud over $5, 000 and money laundering. He is scheduled to appear in court on Monday, Sept.16, 2024.
Police is asking anyone with information about this incident to call 403-266-1234 or drop anonymous tips on Crime Stoppers.
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