The perpetrator of a Ponzi scheme which noticed traders bilked out of greater than $1 million failed to indicate up for his Calgary sentencing listening to Monday.
As a substitute, Brian Kitts appeared by telephone from Summerland, B.C., explaining to Justice Michele Hollins he couldn’t get appropriate transportation.
Consequently, the Calgary Courtroom of King’s Bench choose issued a warrant for Kitts’ arrest, and informed him to show himself in to the native RCMP detachment for the aim of transporting him to Calgary.
Kitts mentioned he had organized with one other particular person to share within the drive from the southern B.C. inside, however that individual backed out on the final minute.
Kitts mentioned he couldn’t make the drive alone after struggling extreme accidents when he fell asleep and crashed his automobile trying to drive to Calgary for a court docket look final January.
“I had each intention of being there,” Kitts mentioned.
“I had a journey organized. I can’t journey that distance alone.”
He mentioned when his ride-share companion backed out he checked out one-way flights from Kelowna and was quoted costs as excessive as $4,000.
Kitts pleaded responsible final February in reference to a Ponzi scheme wherein he used funding cash to pay earlier traders in firms he had arrange.
In line with a press release of agreed info, Kitts collected about $6.6 million in Canadian and U.S. funds between Feb. 1, 2014 and Sept. 30, 2016.
“Throughout the related time interval Mr. Kitts used roughly $4.6 million Canadian and U.S. of the cash obtained from particular person and company traders to pay “returns on funding” and capital again to earlier traders, not for the supposed function of the funding,” it says.
Funds to Kitts, his spouse, different family members, together with asset purchases, private bills, money withdrawals and bank card funds accounted for greater than $1.3 million.
A brand new date for his sentencing listening to has not been set.
No Fb? No downside.
Meta has blocked information articles from showing in Canada by its social media platforms Fb and Instagram, so skip the gatekeeper and are available straight to the supply.
-
- Go to our homepage and bookmark it for simple entry to all of your information anytime, anyplace.
- Subscribe to help trusted native journalism you’ll be able to’t get anyplace else.
- Join our newsletters to have headlines and extra delivered proper to your electronic mail inbox.