Shalom Life | November 26, 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.”

Miss America Thanks Russian Jews For Their Support Miss America Thanks Russian Jews For Their Support TrendingMiddle Eastern Men Attacked a 4-Year-Old Jewish Boy in New Zealand Middle Eastern Men Attacked a 4-Year-Old Jewish Boy in New Zealand TrendingUniting the World in One Tree Uniting the World in One Tree Trending
 

The Essential Hanukkah Gift Guide 2014: Piece of History [GIVEAWAY]

November 25, 2014 | By Daniel Koren
The Essential Hanukkah Gift Guide 2014: Piece of History [GIVEAWAY]

See inside for your chance to win the "Zion's Action Figures" 4-pack, including all your favorite Jews from Golda Meir to David Ben-Gurion

Read More

Shalom, Cancun: A Jewish Culture Guide

November 25, 2014 | By Sara Torvik
Shalom, Cancun: A Jewish Culture Guide

As it turns out, the development of a Jewish community in the city is actually quite recent, dating back to the mid-1970s

Read More

Seth Rogen: James Franco is a "Weird Guy" [VIDEO]

November 25, 2014 | By Ashley Baylen
Seth Rogen: James Franco is a "Weird Guy" [VIDEO]

While the two may be best friends, Rogen at least admits what we've all been thinking

Read More

Detroit Lions Star Reggie Bush Compares Mike Brown to Palestinians

November 25, 2014 | By Daniel Koren
Detroit Lions Star Reggie Bush Compares Mike Brown to Palestinians

The NFL player posted a photo onto his Instagram account, holding a sign that reads 'The Palestinian People know what mean to be shot while unarmed because of your ethnicity. #Ferguson #Justice'

Read More

Deaths of Joan Rivers, Robin Williams & Jennifer Lawrence Nude Photos Are Top Internet Search Items for 2014

November 25, 2014 | By Ashley Baylen
Deaths of Joan Rivers, Robin Williams & Jennifer Lawrence Nude Photos Are Top Internet Search Items for 2014

Other hot topics include the Israel/Hamas conflict, Ebola, Ray Rice, and Kim Kardashian

Read More

Belgian Parents Demand Teacher Be Fired After anti-Semitic Facebook Post

November 25, 2014 | By Daniel Koren
Belgian Parents Demand Teacher Be Fired After anti-Semitic Facebook Post

The teacher at a Jewish school wrote that Jews were the most "difficult and unworldly" people she knew

Read More

Turkish President Erdogan Says Women Are Not "Equal" to Men

November 25, 2014 | By Daniel Koren
Turkish President Erdogan Says Women Are Not "Equal" to Men

At a meeting on women and justice, Erdogan said feminists "don't accept motherhood"

Read More

More Headlines