Wednesday, September 30, 2009

Ponzi Schemeing, Canadian Style

We're learning that nearly C$400 million ($369 million) from Canadian and international investors has gone missing in Canada's biggest ponzi scheme to date. Bloomberg reports that Allen Brost and Gary Allen Sorenson created Syndicated Gold Depository SA, which agreed to lend money to Merendon Mining Corp., with the promise of tax breaks and high rates of return to investors, police said Sept. 14. Initially, the men were alleged to have bilked more than C$100 million from 1999 to Dec. 31, 2008, from investors in Alberta, Canada.

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