Brian and Shannon Kitts, of Summerland. (Facebook)

Brian and Shannon Kitts, of Summerland. (Facebook)

Summerland couple charged in 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

(Natalia Cuevas-Huaico - Kelowna Capital News)
Morning Start: Foot bones don’t harden until you’re an adult

Your morning start for Tuesday, April 13, 2021

A Vernon man was arrested in Merritt following a foot chase with police. That incident, plus others associated with the suspect, will be heard in Vernon Court. (Morning Star - file photo)
Vernon man facing charges out of Merritt

Bail denied for 37-year-old who allegedly breached his probation and obstructed police

A syringe is loaded with COVID-19 vaccine at a vaccination clinic run by Vancouver Coastal Health, in Richmond, B.C., Saturday, April 10, 2021. THE CANADIAN PRESS/Jonathan Hayward
Interior Health announces 89 cases of COVID-19 in the region

Currently, there are 900 active cases in the region

Dr. Christine Perkins is the new superintendent of schools for the Vernon School District, effective Aug. 1. Perkins moves to the North Okanagan from the Kootenay Lake School District in Nelson. (Vernon School District photo)
Vernon School District names new superintendent

Dr. Christine Perkins moves from Kootenay Lake district to take over from the retiring Joe Rogers

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’

Dr. E. Kwok administers a COVID-19 vaccine to a recipient at a vaccination clinic run by Vancouver Coastal Health, in Richmond, B.C., Saturday, April 10, 2021. THE CANADIAN PRESS/Jonathan Hayward
Most Canadians plan to get COVID-19 vaccine, but safety fears drive hesitancy: poll

This comes as confidence in governments is plummeting in provinces being hit hardest by the pandemic

Marathon of Hope runner Terry Fox is shown in a 1981. (THE CANADIAN PRESS/CP)
Terry Fox’s legacy of resilience resonates during COVID-19 crisis, says brother

Fred Fox said his brother’s legacy of resilience has taken on renewed resonance as COVID-19 rages on

A five-storey, 60-unit building has been proposed for 8709 Jubilee Rd. E., Summerland. The proposal will be the subject of a public hearing on March 22. (Image by GTA Architecture)
Zoning, OCP amendments adopted for Summerland housing development

Council gives final readings for controversial five-storey, 60-unit housing development

A youth was arrested following a car crash on Wallace Street on Saturday, April 10. (Karl Yu/News Bulletin)
Onlookers laugh and jeer as B.C. teen beaten, then forced to strip and walk home

Police arrest older teen, call video shared on social media ‘disturbing’

The Red Pill Rapper performs to the crowd gathered for the Rally For Food Security at Blackburn Park on Saturday, April 10, 2021. (Kristal Burgess Photography)
The Red Pill Rapper performs to the crowd gathered for the Rally For Food Security at Blackburn Park on Saturday, April 10, 2021. (Kristal Burgess Photography)
Suspicion of ‘fake news media’ makes rally uncomfortable for Salmon Arm event photographer

More than 300 people counted at city park for ‘Rally For Food Security’

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

The former Summerland Asset Development Initiative building on Prairie Valley Road in Summerland was suggested as the site for a temporary transitional housing facility for the community. However, Summerland council has rejected this proposal. (John Arendt - Summerland Review)
Summerland council rejects transitional housing facility

Concerns raised about short timeline and condition of municipally-owned building

Most Read