Calgary man accused in $164 million investing fraud
A Calgary man, Craig Michael Thompson, has been arrested and charged with fraud and money laundering in connection to a $164 million Ponzi scheme. Police allege he misled over 1,000 investors by claiming to use their funds for day trading while actually diverting the money to personal accounts.
Why it matters
This case highlights the significant financial impact of investment fraud and the importance of regulatory oversight in protecting retail investors.
A Calgary man is accused of bilking over 1,000 investors out of more than $164 million in a large-scale Ponzi scheme.
RCMP say Craig Michael Thompson, aged 49, was arrested and charged with two counts of fraud and a single count of laundering proceeds of crime on July 31.
Police allege that after receiving funds to his company, Black Box Management Corp, Thompson transferred more than $163 million to external accounts, including his own personal trading account and an investment in a company based in the United States.
Police say the case stems from between March 2020 and April 2024.
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