Two People Convicted of Fraud in Connection with Elaborate Ponzi Scheme
After a lengthy Peel police investigation, two people have been found guilty of defrauding the public through what police are calling "an elaborate Ponzi scheme."
Police say a Superior Court judge and jury trial commenced on May 22, 2018 after a lengthy investigation that launched in 2013.
Police say April Vuong (then a 37 year-old woman from Kitchener/Waterloo) and Hao Quach (then a 36 year-old man from Kitchener/Waterloo) defrauded several victims with the promise of high rates of return and their principal amount never being at risk after investing substantial amounts of money in Systematech Solutions Incorporated.
Police say investigation revealed that this was an elaborate Ponzi scheme.
The trial was completed July 5, 2018 and the defendants were found guilty of defrauding the public.
Both defendants were sentenced to six years imprisonment and restitution in the amount of $3,567,992 with 10 years to pay. In default of payment of the fine in lieu of forfeiture, the defendants will receive a further term of five years imprisonment.
Fraud Investigators would like to remind the public to always check the registration of any person or business trying to sell you an investment or giving investment advice.
This can be done by visiting the Ontario Securities Commission website.
Police say that, tith the holiday season approaching, fraud related scams will be on the rise.
To learn about the most common fraud scams and how to best protect yourself visit the Canadian Anti-fraud Centre's website.
- What's Open and Closed Canada Day in Brampton
- Brampton intersection closed after vehicle flipped over, traffic light knocked down
- Brampton hosting drive-thru Canada Day experience
- Police investigating shooting near Jayfield Park in Brampton
- Two arrested for string of distraction thefts targeting residents in Peel and the GTA