Calgary man charged with running $164M Ponzi scheme involving more than 1,000 victims

A Calgary man has been accused of stealing from over 1,000 individuals in an alleged $164-million Ponzi scheme, according to reports from multiple outlets. The 49-year-old, representing himself as a one-man investment firm, allegedly received funds from investors under the guise of day trading activities. The accused is said to have transferred nearly all the money, approximately $163 million, to other external accounts, including his personal one.

The man has been charged with two counts of fraud and money laundering and is scheduled to appear in court.

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