Brian and Shannon Kitts, of Summerland. (Facebook)

Brian and Shannon Kitts, of Summerland. (Facebook)

Summerland couple charged in million-dollar Ponzi scheme

Investigation conducted by Alberta RCMP

A husband and wife from Summerland have been charged following an investigation into fraud allegations.

The investigation, by the Alberta RCMP Integrated Market Enforcement Team, came after a referral from the Alberta Securities Commission.

The couple had been operating several companies, identified as Vesta Capcorp Inc. and Vesta Equity Partners in Calgary. Police say a Ponzi scheme resulted in the loss of millions of dollars for investors between February 2014 and September 2016.

READ ALSO: As Canadians lose $34.6M in fraud so far this year, Crime Stoppers urges victims file reports

READ ALSO: Former Summerland Royal Bank employee faces fraud charges

Brian Kitts, 65, and Shannon Kitts, 55, of Summerland, have each been charged with the following:

  • Fraud over $5,000 contrary to Section 380(1)(a) of the Criminal Code;
  • Theft over $5,000 contrary to Section 334 of the Criminal Code; and
  • Laundering the Proceeds of Crime contrary to Section 462.31 of the Criminal Code.

The two are are scheduled to appear in Calgary Provincial Court on April 12.

“Unfortunately, the victims sustained substantial losses as a result of their investment within the Ponzi scheme they believed to be legitimate. The RCMP Integrated Market Enforcement Team urges investors to remain vigilant with their investment by performing due diligence,” said Inspector Charlene O’Neill, officer in charge of the Alberta RCMP Integrated Market Enforcement Team.

The Alberta RCMP conducted the investigation in collaboration with the Forensic Accounting Management Group, Financial Transactions and Reports Analysis Center of Canada, Public Prosecution Service of Canada and Specialized Prosecutions of the Province of Alberta, the Alberta Securities Commission, and the Federal Bureau of Investigation.

To report a typo, email:
news@summerlandreview.com
.



news@summerlandreview.com

Like us on Facebook and follow us on Twitter.

fraudRCMP

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

South Surrey’s Paul Cottrell, who works with the DFO, tows a grey whale out of Semiahmoo Bay Sunday. (Contributed photo)
Dead whale floating near White Rock towed to shore for necropsy

Animal has been dead since at least April 15

Dr. Bonnie Henry gives her daily media briefing regarding Covid-19 for the province of British Columbia in Victoria, B.C, Monday, December 7, 2020. THE CANADIAN PRESS/Jonathan Hayward
BREAKING: Toddler marks youngest British Columbian to die related to COVID-19

Child one of eight people to die from virus this weekend

Vehicles line up for the Greater Vancouver Drive-Thru Food Truck Festival at the Chilliwack Coliseum parking lot on March 27. The touring event comes to Cloverdale this weekend, April 24-25 (Photo: Jenna Hauck/Chilliwack Progress)
Here are the food trucks coming to Cloverdale for a drive-thru festival this weekend

Nine trucks will be parked Saturday, nine Sunday during event at fairgrounds

Pharmacist Barbara Violo arranges all the empty vials of the Oxford-AstraZeneca COVID-19 vaccines that she has provided to customers at the Junction Chemist which is a independent pharmacy during the COVID-19 pandemic in Toronto, on Monday, April 19, 2021. THE CANADIAN PRESS/Nathan Denette
Parts of Surrey, North Delta to get AstraZeneca vaccines for people ages 40+

A total of seven communities in Surrey and Delta will be targeted

The Braidwood Band performs for the seniors at Zion Park Manor in Surrey, as part of a music program planned by Rick’s Heart Foundation. (submitted photo)
VIDEO: Surrey charity brings distanced concerts to care homes, with prop pink firetruck

Familiar tunes performed for seniors during pandemic-era ‘Heart for Music’ program

Public health restrictions on non-essential travel and vacation bookings are being increased in B.C. (B.C. government)
Out-of-region B.C. vacation bookings, RV ferry reservations to be refused, Horgan says

B.C. extends COVID-19 indoor dining, group fitness ban until May 25

(New Westminster Police)
4 youth arrested after 30-person brawl in New Westminster leaves 1 seriously injured

Police are looking for witnesses who saw the incident take place

Sunday’s storm rocked one of the ferries crossing Kootenay Lake. Photo: Dirk Jonker
VIDEO: Storm makes for wild ferry ride across Kootenay Lake

The video was captured by ferry employee Dirk Jonker

Chakalaka Bar & Grill remains open in defiance of orders from Island Health to close. (Cole Schisler photo)
B.C. health authority seeks injunction against restaurant defying COVID-19 orders

Chakalaka Bar and Grill plans to continue serving customers without public health compliance

The Abbotsford Centre has the ability to host AHL level games if the Vancouver Canucks or any other NHL team chose to move its affiliate to the arena. (File photo)
Abbotsford Centre ready for AHL if right opportunity presents itself

Building recently upgraded glass and boards, schedule would allow for AHL tenant

A defeat Sunday in Kamloops tied up the Giants and Blazers for the most wins this season. Each team has notched seven victories in the B.C. division play unfolding this season on ice in Kamloops and Kelowna. (Allen Douglas/Special to Black Press Media)
VIDEO: Giants record fifth shutout of the season

Vancouver G-Men take down Kamloops Blazers on home ice Sunday, 4-0

Carver Ken Sheen had almost finished work on a large cowboy carving commissioned by the City of Williams Lake to replace the original overlooking the Stampede Grounds when fire broke out Friday, April 18 at his property between Williams Lake and Quesnel. (Pine River Carving Facebook photos)
Cow boss statue destined for Williams Lake Stampede Grounds goes up in flames

Carver Ken Sheen lost the statue, all his tools and his shop in the blaze

B.C. Labour Minister Harry Bains. (Hansard TV)
B.C. moves to protect employee pay for COVID-19 vaccination

Most won’t need to take time off work, labour minister says

Most Read