Shalom Life | April 24, 2014

Charges in Ponzi Scheme Dropped

Attorney-General to conduct investigation into the reason that charges in large Ponzi scheme were dropped.

By: Elad Benari

Published: November 18th, 2010 in News » World

Charges in Ponzi Scheme Dropped

Ontario's Attorney-General has announced that an investigation will be launched into why charges were dropped against a Toronto man accused of being behind a $27-million Ponzi scheme, The National Post reported on Tuesday.

The story was first reported by The National Post last December. The alleged fraud was based in a small print shop in the Richmond Hill area. Shop owner Tzvi Erez, a well-known member of the Toronto Jewish community, claimed he was brokering print jobs for large companies while producing documents with the supposed orders. Erez allegedly received large cash advances from investors while promising high returns. In fact, there were no large orders and the invoices had been forged.

A receiver appointed after the print company had gone bankrupt found that $38.9 million went through eight bank accounts belonging to Erez, who had been convicted in 2006 of writing bad cheques to several casinos. CIBC came across several suspicious deposits totalling $9,900 in his bank account and initiated an investigation by the fraud unit. The receiver found that the money invested by members of the Jewish community went to casinos within Canada as well as on the internet.

Erez was charged with fraud, but the charges have since been dropped because the Crown said it lacked the resources to prosecute the crime. However, Attorney General Chris Bentley informed the legislature on Tuesday that he has asked the province's chief prosecutor to investigate why the charges were dropped. Bentley was quoted by The National Post as saying: “We take allegations of fraud very seriously. We prosecute the allegations. We do not walk away from cases. We have resources for the cases that need them, and where more are required, we find them.”

Chisel Used to Build Western Wall Discovered Chisel Used to Build Western Wall Discovered TrendingMissouri Mayor Resigns After Siding with Kansas Shooter Missouri Mayor Resigns After Siding with Kansas Shooter TrendingJewish Men Leave Synagogue to Save Family from Burning Car Jewish Men Leave Synagogue to Save Family from Burning Car Trending
 

Jewish Hall of Fame: Émile Durkheim

April 23, 2014 | By Zak Edwards
Jewish Hall of Fame: Émile Durkheim

The French sociologist, social psychologist and philosopher is considered to be one of the founding fathers of social science

Read More

Anton Yelchin and Zooey Deschanel Slated for ‘The Driftless Area’

April 23, 2014 | By Sarah Bauder
Anton Yelchin and Zooey Deschanel Slated for ‘The Driftless Area’

The film will also star John Hawkes, Ciaran Hinds, and Alia Shawkat.

Read More

Sarah Silverman Apologizes in Advance For Swastika Doodle

April 23, 2014 | By Ashley Baylen
Sarah Silverman Apologizes in Advance For Swastika Doodle

The controversial comedian posted a doodle she drew of a swastika to her Twitter feed.

Read More

Andy Samberg to Return to ‘SNL’ as Host

April 23, 2014 | By Ashley Baylen
Andy Samberg to Return to ‘SNL’ as Host

The 'Saturday Night Live' alum will be hosting on May 17th.

Read More

Drake Lint Rolls His Pants During Raptors Playoff Game [VIDEO]

April 23, 2014 | By Ashley Baylen
Drake Lint Rolls His Pants During Raptors Playoff Game [VIDEO]

The Raptors global brand ambassador wanted to ensure he looked his best while his team beat the Brooklyn Nets

Read More

Drew Barrymore and Will Kopelman Welcome Baby Frankie

April 23, 2014 | By Ashley Baylen
Drew Barrymore and Will Kopelman Welcome Baby Frankie

The actress announced the birth of another happy baby girl on Tuesday.

Read More

Mel Brooks to Star in Autobiographical One-Man Show

April 23, 2014 | By Ashley Baylen
Mel Brooks to Star in Autobiographical One-Man Show

The 87-year old actor/director is planning a solo show in Los Angeles for one-night only.

Read More

Travel Back in Time with Google Street View

April 23, 2014 | By Daniel Koren
Travel Back in Time with Google Street View

Google's latest feature allows you to scroll through past Street view photos, whether in New York, Toronto, or Singapore

Read More

More Headlines