Belize has once again been named in a fraudulent pyramid scheme, where millions of dollars was laundered.
A report coming from The Canadian Press, states that police in Toronto have arrested two men in connection with a US$ 93 million pyramid scheme. Police say the scheme was operated under the name Banners Broker and was operating out of a Toronto address between October 2010 and March 2013. Banner Brokers promised users the chance to double their investment in an advertising company that was linked to a globally renowned network. Of the $93-million allegedly raised from investors by Banners Broker, Toronto police say $45-million was paid out to early investors, who then attracted others to the scheme.
The remainder was directed to a series of offshore bank accounts in Belize, St. Lucia, Cyprus and other locations. Christopher George Smith, 45, of Toronto, and Rajiv Dixit, 45, of Vancouver, were both taken into police custody. They have been charged with defrauding the public, possession of proceeds of crime and laundering proceeds of crime. They have also been charged under the Competition Act with operating a pyramid scheme and making false or misleading representations.
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