CALGARY -- A husband and wife from Summerland, B.C. who operated several companies in Calgary face fraud charges after allegedly bilking investors out of millions of dollars.
Members of the Alberta RCMP's integrated market enforcement team (IMET) launched an investigation into the activities of Brian and Shannon Kitts after receiving reports of suspected fraud from the Alberta Securities Commission.
Investigators determined the couple had run several companies, including Calgary-based Vesta Capcorp Inc. and Vesta Equity Partners, and were behind an alleged Ponzi scheme.
According to RCMP, various investors suffered combined financial losses totaling millions of dollars in the Ponzi scheme between February 2014 and September 2016.
Brian Kitts, 65, and Shannon Kitts, 55, are scheduled to appear in Calgary provincial court on April 12 to face charges of:
- Fraud over $5,000;
- Theft over $5,000; and,
- Laundering the proceeds of crime.
Anyone with information regarding suspected market-related fraud is encouraged to contact the RCMP IMET.
