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Oakville man feces fraud chargss in alleged Ponzi scheme by Michael Gregory Oakville Beaver Staff (/ > Q. Q ) An Oakville man is among five former corporate executives at a now-bankrupt Toronto investment firm facing multiple charges laid by the RCMP in an alleged $92-million Ponzi scheme. Seaquest Corporation, Seaquest Capital Corporation (Seaquest), initiated bankruptcy proceedings in November 2011 after the company claimed it was unable to repay 70 creditors who were owed $75 million, the RCMP said. The matter was referred to the RCMP's GTA Financial Crimes Section in February 2012 by the Office of the Superintendent of Bankruptcy (OSB). An investigation was launched into Seaquest's activities shortly thereafter. The RCMP said it's alleged the firm collected $92-million from investors who were promised a 36 per cent rate o f return on their money. According to the RCMP's investigation, the money was allegedly invested into a Ponzi scheme, where funds collected from new investors were used to pay old investors. The latter investors were then asked to re invest those returns, the RCMP said. The Toronto Star reported in December 2011 that an Oakville couple had invested $6.2-million, but recouped approximately half before Seaquest's bankruptcy filing. "It's important for the public to know that before investing in any financial venture, they should do their due diligence and that the higher the expected rate o f return usually means a higher risk of fraud" said Insp Keith Gairy of the RCMP GTA Financial Crime Section. Facing charges o f fraud over $5,000, money laundering and commission of an offence for criminal organization are: David Bums Holden, 52 of Richmond Hill; Rose/Rosa Rita Holden, 57, of Richmond Hill; Anthony Mario Cosentino, 67, of Toronto; Andrew Gaudet, 43, of Oakville and Edmond Chin Ho So, 37, of Toronto. David and Rose Holden are also facing three Bankruptcy and Insolvency Act charges. Their next court date is on March 2 at Old City Hall in Toronto. S1 o* c Q ) C J 1 o to o > < CLAUDE'S VACUUM SHOP N ilf is k Sale $399" Includes Deluxe Air Package Sales` Service-Parts Free Estimates on Repairs Hours: M onday, Tuesday, Thursday, Friday · 9am - 6pm W ednesday · 9am - 5pm Saturday · 9am - 4pm * C NATURELIFE H E A L T H C EN TR E Our Services: · M assa ge T h e ra p y A c u p u n c tu re · R e flex o lo gy C h in e se M a s sa g e Fertility A c u p u n c tu re We take care of your health. 9 0 5 .8 2 7 .9 9 6 8 3 (£ CL a > x > o 3 · S * Supreme 100, 10 Years Warranty E3 info@natureIifehealthcentre.com V$ www.naturelifehealthcentre.com 1395 A bbeyw ood Drive, unit 14, Oakville ON. L6M 3B2 1 28 Kerr St., Oakville, O N L6K 3 A 7 9 0 5 .8 4 2 .5 6 5 8 | claude2@cogeco.net w w w .c la u d e s v a c u u m .c o m OAKVILLE SOCCER CLUB 1 5 2 0 P in e G l e n R o a d , O a k v i l l e , O N , L 6 M 4 P 4 T el: (9 0 5 ) 8 4 9 -4 4 3 6 Frid ay, F eb ru ary 1 3 t h Join OSC & learn the Ft/Ndamentals of soccer - Skills and Thrills! - Full day of fun soccer activities! - World Cup Soccer Tournament - Pizza Lunch! - Soccer ball to beep! - $60/camper Ta h e!S k s* & oy»«jjtij^, tase ' ,, ^ I Camps T o REGISTER A N D /O R FOR MORE INFORMATION VISIT WW W.OAKVILLESOCCER.CA