INTERNATIONAL: Men arrested in multimillion-dollar pyramid scheme in Toronto, money funneled to St. Lucian accounts

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INTERNATIONAL: Men arrested in multimillion-dollar pyramid scheme in Toronto, money funneled to St. Lucian accounts

torontopolice32-e1438515711571-878x494CITY NEWS – Toronto police have charged two men in an alleged multimillion-dollar pyramid scheme that involved thousands of participants around the world.

Police say the scheme — known as “Banners Broker” — was operated out of a Toronto address between October 2010 and March 2013.

They say it offered participants the opportunity to double their money by investing in an advertising company that had access to a “globally renowned network.”

The scheme’s participants were led to believe their investments were being applied towards a program offering payment for the direction of web traffic via referral links.

Police say the program’s existence was entirely dependant on the fee-based entry of new members to the scheme, and that little or no real product or service was actually provided.

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3 COMMENTS

  1. There is need to investigate Global Wealth Trade which has been masking as a retail company but is essentially another Pyramid Scheme. There is no way so much money can be made selling "perceived" brand name goods. The Pointe Seraphin retailers do not make so much commission but every one is in sthis scheme. What is amazing is Senior Public Servants, Doctors, Senior business professionals are caught in this GWT wave. It's time for the Inland Revenue Department, The Financial Sector Supervision Unit, the Ministry of Commerce and other relevant Government agencies to stop this gloried pyramid. What is so disrespectful is the Governor General was used in this GWT nonsense. I am not against good trade but this facade takes the cake.

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  2. Hmm, were the account holders actually from St Lucia or did they get St Lucian citizenship through some investment scheme which allowed them to open a bank account in St Lucia?

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