A Calgary man is facing charges in connection with an alleged $164 million Ponzi scheme that defrauded more than 1,000 people over a four-year span.
The Alberta RCMP has accused the suspect of diverting funds through his company, Black Box Management, as part of a large-scale investment fraud.
The suspect is alleged to have operated as a one-man investment firm that received funds from Black Box investors from March 2020 to April 2024, according to a Sept. 1 RCMP press release.
The victims invested under the premise that the suspect would use the capital for day trading, police said. Investors would then be provided with weekly email updates from the accused detailing the performance and growth of their accounts….