RCMP's integrated market enforcement team first began an investigation in December 2021 after it was notified by the Alberta Securities Commission , the province's agency responsible for securities laws.
What's worse is the website was using the name of a legitimate investment firm – something known as brand hijacking. "The funds were subsequently dispersed through transactions not related to the intended investments."Quang Sac Hoang, 52, of Calgary;Amjed Barlas, 53, of Mississauga, Ont.; andAll five suspects are charged with fraud over $5,000, theft over $5,000, possession of the proceeds of crime over $5,000 and laundering the proceeds of crime.Police say this case highlights how important it is for investors to be cautious about where they put their money.