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

The seventh annual Interior Savings Unplug and Play Family Literacy Week is scheduled for April 18 to 24. (File photo)
Annual Unplug and Play Week scheduled for April 18 to 24

Activities include making craft bags, neighbourhood hidden gems bingo, a scavenger hunt and more

A West Kelowna home was damaged in a fire that occurred overnight on Saturday, April 17. (Photo courtesy of West Kelowna Fire Rescue)
West Kelowna home damaged in overnight fire

The cause of the fire is undetermined and has been deemed unsuspicious

Elvira D’Angelo, 92, waits to receive her COVID-19 vaccination shot at a clinic in Montreal, Sunday, March 7, 2021, as the COVID-19 pandemic continues in Canada and around the world. THE CANADIAN PRESS/Graham Hughes
110 new cases of COVID-19 in Interior Health

Provincial health officers announced 1,005 new cases throughout B.C.

Black Crow Cannabis is just one of Vernon's many pot shops now open in town. (Jennifer Smith - Morning Star)
Kelowna has highest cannabis fees in Okanagan

Vernon’s 14 stores pay second highest business licence fees

Serving alcohol has been altered in the Central Okanagan Public Schools policy regarding rental of school facilities for after-school hours events. (Contributed)
Alcohol option opened up at Central Okanagan school facilities rented for events

Central Okanagan Board of Education retains final approval for after-hours event approvals

Flow Academy is located at 1511 Sutherland Avenue in Kelowna. (Michael Rodriguez - Capital News)
Black Press Media Weekly Roundup: Top headlines this week

Here’s a quick roundup of the stories that made headlines across the Okanagan, from April 11 to 16

An Extinction Rebellion Vancouver Island (XRVI) climate change event in 2019 saw a large crowd occupy the Johnson Street bridge. Black Press File Photo
‘In grief for our dying world’: B.C. climate activists embark on 4-day protest

The four-day trek on foot and by ferry will see them end at the legislature

A vial of some of the first 500,000 of the two million AstraZeneca COVID-19 vaccine doses that Canada secured. THE CANADIAN PRESS/Carlos Osorio
Canada’s 2nd blood clot confirmed in Alberta after AstraZeneca vaccine

Thw male patient, who is in his 60s, is said to be recovering

Valen a student of Coldstream Elementary writes advice for adults amid a pandemic.
‘We can get rid of COVID together’: B.C. kids share heartwarming advice

Elementary students share their wisdom to adults in unprecedented times

The funeral of Britain’s Prince Philip in Windsor, England, on Saturday, April 17, 2021. Philip died April 9 at the age of 99. (Kirsty Wigglesworth/AP)
PHOTOS: Prince Philip laid to rest Saturday as sombre queen sits alone

The entire royal procession and funeral took place out of public view within the grounds of Windsor Castle

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

B.C. Health Minister Adrian Dix and Premier John Horgan describe vaccine rollout at the legislature, March 29, 2021. (B.C. government)
B.C. health minister says delay in Moderna vaccine ‘disappointing’

‘The sooner we get vaccines in people’s arms the better, and inconsistency in delivery is a consistent problem. This is simply a reality and not an issue of blame,’ Adrian Dix said Friday

(Police handout/Kamloops RCMP)
B.C. man dies in custody awaiting trial for Valentine’s Day robbery, kidnapping spree

Robert James Rennie, who was on the Kamloops RCMP’s most wanted list, passed away at the North Fraser Pretrial Centre in Coquitlam

Photos of Vancouver Canucks players are pictured outside the closed box office of Rogers Arena in downtown Vancouver Thursday, April 8, 2021. THE CANADIAN PRESS/Jonathan Hayward
Canucks to return to play Sunday versus Leafs after COVID-19 outbreak

The team has had 11 games postponed since an outbreak late last month

Most Read