Brian and Shannon Kitts, of Summerland. (Facebook)

Brian and Shannon Kitts, of Summerland. (Facebook)

Summerland couple charged in Ponzi scheme

Investigation conducted by Alberta RCMP

A husband and wife from Summerland have been charged following an investigation into fraud allegations.

The investigation, by the Alberta RCMP Integrated Market Enforcement Team, came after a referral from the Alberta Securities Commission.

The couple had been operating several companies, identified as Vesta Capcorp Inc. and Vesta Equity Partners in Calgary. Police say a Ponzi scheme resulted in the loss of millions of dollars for investors between February 2014 and September 2016.

READ ALSO: As Canadians lose $34.6M in fraud so far this year, Crime Stoppers urges victims file reports

READ ALSO: Former Summerland Royal Bank employee faces fraud charges

Brian Kitts, 65, and Shannon Kitts, 55, of Summerland, have each been charged with the following:

  • Fraud over $5,000 contrary to Section 380(1)(a) of the Criminal Code;
  • Theft over $5,000 contrary to Section 334 of the Criminal Code; and
  • Laundering the Proceeds of Crime contrary to Section 462.31 of the Criminal Code.

The two are are scheduled to appear in Calgary Provincial Court on April 12.

“Unfortunately, the victims sustained substantial losses as a result of their investment within the Ponzi scheme they believed to be legitimate. The RCMP Integrated Market Enforcement Team urges investors to remain vigilant with their investment by performing due diligence,” said Inspector Charlene O’Neill, officer in charge of the Alberta RCMP Integrated Market Enforcement Team.

The Alberta RCMP conducted the investigation in collaboration with the Forensic Accounting Management Group, Financial Transactions and Reports Analysis Center of Canada, Public Prosecution Service of Canada and Specialized Prosecutions of the Province of Alberta, the Alberta Securities Commission, and the Federal Bureau of Investigation.

To report a typo, email:
news@summerlandreview.com
.



news@summerlandreview.com

Like us on Facebook and follow us on Twitter.

fraudRCMP

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Lori Jantz snapped this picture of a fight between a bald eagle and an osprey above Osoyoos Lake on Friday. (Lori Jantz photo)
Battle in the sky erupts above South Okanagan lake

Bald eagle and osprey fight mid-air in Osoyoos

This garbage bin behind a strip mall in Skaha Lake Road was set alight on Friday night at 11 p.m. The foam from firefighters can be seen on the ground. (Facebook)
Dumpster fire comes too close to Penticton seniors’ complex

One resident worries Penticton might have a fire bug

Theo's now delivering to Summerland
Penticton Greek restaurant now delivering to Summerland

Theo’s restaurant is the first to deliver food to Summerland in their ‘Squidmobile’

The Regional District of Okanagan-Similkameen will speed up the process for hospitality businesses looking to set up patios during the latest COVID-19 restrictions. Under the most recent restrictions, indoor dining is prohibited, but patio dining is allowed. (John Arendt - Summerland Review)
Regional District of Okanagan-Similkameen speeds up patio permit approval

Initiative to help hospitality businesses affected by latest COVID-19 restrictions

Firefighters responded to a house fire on Banks Crescent in Summerland on Friday afternoon. The fire began as a stovetop fire but resulted in significant damages. (John Arendt - Summerland Review)
Fire results in damage to Summerland home

Crews called on Friday, April 9 following stovetop fire

B.C. Health Minister Adrian Dix and Premier John Horgan describe vaccine rollout at the legislature, March 29, 2021. (B.C. government)
1,262 more COVID-19 infections in B.C. Friday, 9,574 active cases

Province’s mass vaccination reaches one million people

B.C. Premier John Horgan responds to questions during a postelection news conference in Vancouver, on Sunday, October 25, 2020. British Columbia’s opposition Liberals and Greens acknowledge the COVID-19 pandemic has presented huge challenges for Horgan’s government, but they say Monday’s throne speech must outline a coherent plan for the province’s economic, health, social and environmental future. THE CANADIAN PRESS/Darryl Dyck
Horgan’s NDP to bring in throne speech in B.C., Opposition wants coherent plan

Farnworth said the budget will include details of government investment in communities and infrastructure

FILE - An arena worker removes the net from the ice after the Vancouver Canucks and Calgary Flames NHL hockey game was postponed due to a positive COVID-19 test result, in Vancouver, British Columbia, in this Wednesday, March 31, 2021, file photo. As vaccinations ramp up past a pace of 3 million a day in the U.S, the NHL is in a tougher spot than the other three major North American professional sports leagues because seven of 31 teams are based on Canada. (Darryl Dyck/The Canadian Press via AP, File)
Vancouver Canucks scheduled to practice Sunday, resume games April 16 after COVID outbreak

Canucks outbreak delayed the team’s season by eight games

Two-year-old Ivy McLeod, seen here on April 9, 2021 with four-year-old sister Elena and mom Vanessa, was born with limb differences. The family, including husband/dad Sean McLeod, is looking for a family puppy that also has a limb difference. (Jenna Hauck/ Chilliwack Progress)
B.C. family looking for puppy with limb difference, just like 2-year-old Ivy

Ivy McLeod born as bilateral amputee, now her family wants to find ‘companion’ puppy for her

This illustration provided by the Centers for Disease Control and Prevention in January 2020 shows the 2019 Novel Coronavirus.[CDC]
More COVID-19 exposures reported at schools in Kelowna

Interior Health added additional schools and dates to their list of exposures

A vehicle that was driven through the wall of a parkade at Uptown Shopping Centre and into the nearby Walmart on April 9 was removed through another hole in the wall later that night. (Photo via Saanich Police Department and Ayush Kakkar)
Vehicle launched into B.C. Walmart removed following rescue of trapped workers

Crews cut new hole in parkade wall to remove vehicle safely

Four members with Divers for Cleaner Lakes and Oceans were out at Cultus Lake on March 28 and 29 hauling trash out of the waters. (Henry Wang)
PHOTOS: Out-of-town divers remove 100s of pounds of trash from Cultus Lake

Members of Divers for Cleaner Lakes and Oceans hauled out 470 pounds of trash over two days

A Salmon Arm artist worked with talented local fabricators to create an enormous set of steel bighorn sheep horns to greet visitors to Radium Hot Springs. (Village of Radium Hot Springs image)
Salmon Arm locals’ skills bring steel sheep horn sculpture to Radium

Adam Meikle and Idea 64 Projects made the towering horns a reality

Most Read