Man charged after operating Ponzi scheme targeting several victims

We have charged one man after he is believed to have defrauded several victims using a Ponzi scheme disguised as an investment opportunity involving wine purchases dating back to 2020. 

Seven victims have come forward to police claiming they were defrauded by the man, totalling more than $1.3 million in losses.

Between January 2020 and February 2021, it is believed the suspect approached multiple people with an investment opportunity claiming to be low-risk with high returns. The investment opportunity consisted of asking victims for a short-term loan to purchase wine that would later be resold to a confirmed buyer.

The suspect promised to repay the loan within a short timeframe, including interest, however after failing to receive repayment, the victims later determined the investment opportunity was a scam. Investigators believe the wine was not purchased and resold for profit, instead, the suspect used the funds from new victims to make payments to previous victims, leaving many empty-handed.

Bank records obtained by investigators confirmed funds provided by the victims were deposited into accounts belonging to the suspect and not used in the way described to the victims.

As a result, Brian Robert GUNSTEN, 52, of Calgary, is charged with fraud over $5,000 and money laundering.

He will next appear in court on Monday, Sept. 16, 2024.

Anyone with information about this or similar incidents is asked to contact police by calling 403-266-1234. Tips can also be submitted anonymously to Crime Stoppers through any of the following methods:

TALK: 1-800-222-8477

TYPE: www.calgarycrimestoppers.org

APP: P3 Tips

CA21299612/4168