In reality, the victims’ money was never placed into a money market and was instead used to invest in a development called Emmanuel Village Homes, located in Kitchener. None of the victims received any return on their investment. Oyetimes.com
Five people charged in $8 million real estate fraud in Mississauga
June 3, 2010
I don’t understand how these people thought they wouldn’t be caught. But then, that’s my reaction to a lot of fraud charges. And I guess I don’t see the ones that aren’t charged, so who knows.
The suspects apparently ran seminars at which they encouraged individuals to invest in their companies which would, in turn, invest in the Indian Money Market. But, SURPRISE! They didn’t.
There were 79 victims in total who were defrauded to the tune of $8 million total. I don’t think I would have given money to some shady people running seminars in the GTA, but it still sucks.