_News Talk 770
6/28/2012
Calgary RCMP have arrested and charged a father and daughter in a multi-million dollar Ponzi scheme.
Mounties allege the owner of Sellars Financial Inc. recruited clients , friends and family to invest, promising returns as high as 36 percent annually.
The investment company raised 35 million dollars from about 350 people. But the company went bankrupt last year, and most investors lost all of their money.
75 year old Robert Sellars, and 48 year old Penny Sellars, both of Calgary have been charged with fraud and theft over 5 thousand dollars.
Robert Sellars was previously convicted of fraud under the Alberta Securities Regulations receiving a jail sentence of two years.
The majority of investors with Robert and Penny Sellars and Sellars Financial Inc. are from Alberta.
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