Instead, police allege he made no money on the trading scheme, and instead used funds from later investors to pay investment “returns” to earlier investors.
Police allege “large portions” of victims’ money was shifted to an offshore account in Panama, saying $4-million has not been accounted for. Police allege some of the funds were also used by the Hibberts for personal purposes and some money was used to pay earlier investors. No money has been recovered for investors.
Toronto police Det. Gail Regan of the financial crimes unit said forensic audits show about 200 people were defrauded of a total of $8.6-million, but only 38 have so far come to police with losses of $2.1-million. Police are asking other victims to come forward.