Curtis Quigley and Kathleen Treadgold, both 56, are jointly charged with 80 counts of fraud over $5,000 after turning themselves in to Edmonton police last month.
They're also accused of laundering proceeds of crime in what the Edmonton Police Service alleges was a $7.8-million Ponzi scheme ongoing for 12 years.
Things fall apart when too many investors demand their money back, and there aren't enough new funds coming in to repay everyone.Quigley and Treadgold were based in Kelowna, B.C., but Herczeg said EPS got involved in the investigation because the alleged scheme led investors to believe their funds would go toward purchasing homes in and around Edmonton, and profits would come from real-estate flips.
In civil proceedings, liability is decided on a balance of probabilities — that's different from criminal proceedings, where proof is required beyond a reasonable doubt. Less than two months after Quigley was declared bankrupt, 72 creditors filed claims alleging he owed them money, totalling up to nearly $26 million.
The trustee also described a meeting with Quigley, shortly after he was declared bankrupt, in which he reportedly claimed $19.2 million would soon be arriving in his lawyer's trust account.
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