RCMP lay charges in Concrete Equities’ alleged scam
Our 2009 story tells the whole sordid tale
Michael Ganley is the editor of Alberta Venture. BizBeat takes a big-picture view of the provincial, national and international news affecting Alberta's business community. He can be reached at firstname.lastname@example.org and @MikeatVenture
by Michael Ganley
The RCMP have charged two of the men behind the infamous Concrete Equities scam, in which 500 per cent returns were promised for buying into an undeveloped Mexican beach property, with fraud, theft and money laundering. St. Albert’s Dave Humeniuk is to appear in court on February 27, and a Canada-wide arrest warrant has been issued for Varun Aurora.
More than 1,300 investors were allegedly bilked out of $23 million by the Calgary-based company.
Our story on the scam, from 2009, is one of the magazine’s most read pieces of all time.