Alberta Regulators Halt Alleged Bridge Financing Ponzi

If you know of an investment making the same claim, please report it to local regulators.

TransCap Corporation came into existence in 2001. Operating from headquarters in Calgary, Alberta, it traded bonds and provided bridge financing.  A related company, Strata Corporation, came along in 2008 with a stated purpose of raising funds to loan to TransCap. The Alberta Securities Commission alleges that both companies were part of a Ponzi scheme that reaped more than $50 million. According to SunNews: (more…)

Ninja Appears in Ponzi Case

Those who operate these scams have imaginations as big as their appetite for money.

In September 2009 we wrote a three-part blog series on the Syndicated Gold Depository, S.A. (“SGD”) Ponzi scheme,which bilked more than $100 million from more than 3,000 investors across the globe.  According to the Royal Canadian Mounted Police (RCMP), Gary Sorenson and Milowe Brost lured people into investments in SGD which was supposed to loan investor money out to another company, Merendon Mining Corp. Ltd., (MMC) at interest rates that would provide a healthy return for investors.  The SGD scam operated for more almost ten years, from 1999 to 2008.   The RCMP arrested Brost but took longer to track down Sorenson who had a home in Honduras.   (more…)

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