Calgary man charged with fraud in alleged $164 million ponzi scheme

A 49-year-old man from Calgary is facing charges related to a $164 million Ponzi scheme involving over 1,000 victims, according to the RCMP. The man, identified as Craig Michael Thompson, was arrested on July 31 and charged with two counts of fraud and money laundering. The scheme allegedly took place between March 2020 and April 2024, when Thompson represented himself as a one-man investment firm.

According to investigators, Thompson took funds from Black Box Management investors, promising to use the money for day trading. However, the RCMP found that the information presented in the investors' email updates was plagiarized from various online sources. It is alleged that Thompson transferred nearly all the money to external accounts, including his personal trading account and an investment in a United States-based company.

The investigation also revealed Thompson's connections to other invoice factoring and investment-related businesses. Prior to this, the Alberta Securities Commission had sanctioned Thompson and two companies he controlled for securities misconduct, including fraud. The commission noted that Thompson used a small portion of investor funds for day trading but ultimately generated a cumulative net loss of nearly $15 million.

The remaining funds were misappropriated to pay investors their purported returns, while Thompson's emails showed positive performance and growing account balances. Thompson is scheduled to appear in court in Calgary on Thursday. Victims who believe they were targeted by this fraud are asked to contact the RCMP at FPNWRIMET2023-PFRNOEIPMF2023@rcmp-grc.gc.ca.