Oct 10, 2010

If you’re invested in a real estate fund with high returns and supposed little risk you may want to ask the fund operators if they’re running a Ponzi scheme – just to be safe.

Investors who gave money to Calgary-based real estate investment fund Harris Agencies were supposedly swindled out of at least $5 million in an alleged Ponzi scheme.

The Alberta Securities Commission alleges the fund operator, Robert John Harris, promised investors big returns but used their cash to pay off existing investors instead of purchasing new real estate.

Harris is being investigated for trading in Alberta securities without being registered, misleading and defrauding investors and acting contrary to the public interest. His schemes are being investigated by both the ASC and the Calgary Police.

An appearance to set a date for a hearing on the Harris Agencies case has been set for Nov. 10.

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