A Calgary man is accused of stealing from more than 1,000 people in an alleged $164-million Ponzi scheme.
RCMP say a 49-year-old man was arrested on July 31 and charged with two counts of fraud and money laundering for alleged activities involving his company, Black Box Management.
Police say while he was representing himself as a one-man investment firm, the accused allegedly received funds from Black Box investors on the understanding that he would use the money for day trading.
Investors would then allegedly receive fabricated updates about the performance and growth of their respective accounts.
It’s alleged he transferred almost all of the money — about $163 million — to other external accounts, including his personal one.
The accused is scheduled to appear in court Thursday.
This report by The Canadian Press was first published Sept. 1, 2026.