CALGARY 鈥� Police in Calgary have accused a man of running a Ponzi scheme involving purported wine purchases.
They say seven complainants have come forward reporting a total of $1.3 million in losses.
They allege that between January 2020 and February 2021, the suspect asked for short-term loans to purchase wine that would later be resold to another buyer.
Police say those who invested started to believe they'd been had after they were not swiftly repaid with interest, as promised.
Investigators believe the wine was not purchased and resold for profit, but rather, new funds coming in were used to pay those who invested earlier.
Fifty-two-year-old Brian Robert Gunsten is charged with fraud over $5,000 and money laundering.
This report by The Canadian Press was first published Aug. 20, 2024.
The Canadian Press
