The Edmonton Police Service has laid 81 charges against two people in connection to a ponzi scheme. (Photo: Oasisamuel | Dreamstime.com)

By David Opinko/LethbridgeNewsNOW

Albertans charged in multi-million dollar Ponzi scheme

Aug 31, 2023 | 5:08 AM

EDMONTON – Two people from Alberta face a combined 81 charges in relation to their alleged involvement in a large-scale ponzi scene.

The Edmonton Police Service (EPS) said it became aware of fraudulent activities totalling $7.8 million in 2020.

According to the EPS, two suspects from the city were primarily targeting people in Alberta and B.C., although some reported victims lived as far away as Nevada, USA and Australia.

A media release from police service stated that “The two suspects were allegedly offering securities in the form of promissory notes to guarantee investors a set return on their investment, which was often presented as a real estate ‘flip’.”

The EPS adds that the scheme was often run under the company name Group Venture Inc., and is believed to have been ongoing between October 2008 and December 2020.

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On Aug. 30, two suspects turned themselves into custody. Curtis Gordon Quigley, 56, and Kathleen Treadgold, 56, both of Edmonton, are charged.

Detective Herczeg with the EPS is asking the public to be cautious of any investment opportunities that seem to be too good to be true. Some ways that you can do this include:

• Checking with the Better Business Bureau
• Doing a corporate search to see if the business is a legally registered entity
• Doing a Google search to see if the company comes up, or if there is any conflicting information about the company
• When buying securities, always check with the Alberta Securities Commission (or your respective provincial regulatory body) to determine whether the seller is registered to sell securities

“Ponzi schemes work on the premise of providing initial financial gain, so most victims believe the investment to be profitable and then invest additional principle,” said Herczeg. “In most Ponzi schemes, some initial investors will receive a full return on their investments, and the fraudster then uses those individuals as references to convince the more skeptical investors to buy in.”

It is believed by the EPS that there may be additional victims and they are asking them to come forward.

Victims can phone the EPS at 780-423-4567 or #377 from a mobile phone. Tips can also be submitted anonymously to Crime Stoppers at 1-800-222-8477, online at P3Tips.com, or by using the P3 Tips mobile app.