The EPS Financial Crimes Section has charged a man and a woman in a $7.8 million alleged Ponzi scheme targeting investors in Alberta and British Columbia.

In early 2020, police became aware of a Ponzi scheme reportedly being run by a man and a woman operating primarily out of Kelowna, BC and Edmonton, AB, although some victims were located as far away as Nevada, USA and Australia.

The two suspects were allegedly offering securities in the form of promissory notes to guarantee investors a set return on their investment. The scheme was run under the company name Group Venture Inc., and is believed to have been ongoing between October 2008 and December 2020.

On Aug. 30, 2023, Curtis Gordon Quigley, 56 and Kathleen Treadgold, 56 turned themselves in to EPS.

Investigators believe there may be other victims who have yet to come forward, and are encouraging them to contact police.

“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.” says Det. Herczeg.

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.