BC couple charged in alleged multi-million dollar Ponzi scheme

A husband and wife from British Columbia are facing a variety of charges in connection with a multi-million dollar Ponzi scheme, the RCMP announced in a press release.

Brian Kitts, 65, and Shannon Kitts, 55, live in Summerland, a town in BC's Okanagan Valley. They have been charged with fraud over $5,000, theft over $5,000 and laundering the proceeds of crime.

The Alberta RCMP’s Integrated Market Enforcement Team investigated two companies, Vesta Capcorp Inc. and Vesta Equity Partners, owned by the couple. Despite living in British Columbia, the two companies were being operated out of Calgary.

The couple allegedly scammed investors out of millions of dollars between February 2014 and September 2016.

Multiple agencies collaborated with the RCMP in investigating the alleged Ponzi scheme, including the Federal Bureau of Investigation (FBI), indicating that the scam may have been international in nature.

"Unfortunately, the victims sustained substantial losses as a result of their investment within the Ponzi scheme they believed to be legitimate," said Inspector Charlene O'Neill. "The RCMP IMET urges investors to remain vigilant with their investment by performing due diligence."

The press release also reminded readers that March is fraud prevention month. "Albertans are reminded to remain aware of potential scams, conduct their due diligence with investments, and report suspected criminal acts to law enforcement," the statement reads.

The couple is expected to appear in a Calgary court on Apr 12.