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

Melissa Milligan is working to build a disc golf course in Port Hardy. (Submitted photo)
Port Hardy’s disc golf survey results are in

138 people in total took the survey, with 94 per cent voting yes.

RCMP display some of the fish seized from three suspects who pleaded guilty to violating the Fisheries Act in 2019, in this undated handout photo. THE CANADIAN PRESS/HO - RCMP
3 banned from fishing, holding licences after overfishing violations in Gold River area

Mounties seized the group’s 30-foot fishing vessel and all equipment on board at the time

A 3.0-magnitude earthquake occurred off Ucluelet just after 12:30 a.m. on April 10 and was reportedly felt as far south as Oregon. (Map via United States Geological Survey)
Quake off Ucluelet reportedly felt as far south as Oregon

Magnitude 1.5 earthquake also reported off Vancouver Island’s west coast hours earlier

Mya Servatius and Marilyn May handing out gift baskets to seniors. (Michelle Tremblay photo)
NISS students practice kindness by giving gifts to seniors

This project wasn’t part of a class at NISS, or for any extra credit.

Port Hardy Fire Rescue map of controlled burning.
Controlled burn happening this weekend on Highland Drive

No unauthorized persons, including media, will be permitted within the “Hot Zone”.

Burnaby MLA Raj Chouhan presides as Speaker of the B.C. legislature, which opened it spring session April 12 with a speech from the throne. THE CANADIAN PRESS
B.C. NDP promises more health care spending, business support in 2021 budget

John Horgan government to ‘carefully return to balanced budgets’

A lady wears a sticker given out after receiving a COVID-19 vaccine at a clinic in Richmond, B.C., Saturday, April 10, 2021. THE CANADIAN PRESS
B.C.’s COVID-19 case count slows after last week’s peak

3,219 new cases since Friday, 18 additional deaths

North Cowichan councillor Tek Manhas did not violate the municipality’s code of conduct by posting a sexist meme on Facebook, council concludes. (File photo)
B.C. municipality to take no action against councillor who posted sexist meme

Tek Manhas’s meme doesn’t violate North Cowichan council’s code of conduct, municipality concludes

A 41-person air task force, including 12 members from 407 Long Range Patrol Squadron at 19 Wing Comox, seized more than $3 million CND worth of cocaine as part of Op Caribbe. Photo by Canadian Armed Forces Operations/Facebook
Vancouver Island team helps make $368 million three-tonne cocaine seizure

12 members from 19 Wing Comox involved in Op Caribbe

Killer whales surface near Sebastion Beach in Lantzville on Sunday, April 11. (Photos courtesy Ella Smiley)
Chainsaw and friends near the beach thrill orca watchers in Lantzville

Jagged-finned orca named Chainsaw and 17 others spent hours off Sebastion Beach this weekend

Nootka Sound RCMP and DFO Conservation and Protection Officers seized this 30 foot vessel, fishing gear and equipment as well as Chinook salmon, salmon roe, rock fish and ling cod after an investigation on Sept. 11. A judge in Campbell River on February hit the owner and his accomplices with significant fines, a ban on holding fishing licences and loss of equpment, including the boat’s motor and trolling motor. RCMP photo
Washington State trio’s fisheries violations the worst veteran officer has seen in 20 years

Judge bans three men from fishing or holding a fishing licence anywhere in Canada

—Image: contributed
Indoor wine tastings still allowed in B.C., not considered a ‘social gathering’

“Tasting is really just part of the retail experience. The analogy I use is you wouldn’t buy a pair of pants without trying them on.”

A sign on a shop window indicates the store is closed in Ottawa, Monday March 23, 2020. The Canadian Federation of Independent Business is raising its estimate for the number of businesses that are considering the possibility of closing permanently. THE CANADIAN PRESS/Adrian Wyld
Small business struggling amid COVID-19 pandemic looks for aid in Liberals’ budget

President Dan Kelly said it is crucial to maintain programs to help businesses to the other side of the pandemic

The National Security and Intelligence Committee of Parliamentarians says that includes attempts to steal Canadian research on COVID-19 and vaccines, and sow misinformation. (AP Photo/Esteban Felix)
Intelligence committee warns China, Russia targeting Canadian COVID-19 research

Committee also found that the terrorist threat to Canada has shifted since its last such assessment

Most Read