Calgary man accused of $164-million fraud affecting more than 1,000 victims

A Calgary man is facing fraud and money laundering charges after allegedly stealing approximately $164 million from more than 1,000 investors, according to the RCMP.

The RCMP’s Integrated Market Enforcement Team (IMET) says 49-year-old Craig Michael Thompson was arrested on July 31 following an investigation into activities connected to his company, Black Box Management Corp.

Thompson has been charged with two counts of fraud and money laundering.

According to the RCMP, Thompson allegedly presented himself as a one-person investment firm and received money from Black Box investors with the understanding that the funds would be used for day trading.

Police allege more than 1,000 people were affected by the scheme, with losses totalling roughly $164 million.

Thompson is scheduled to appear in the Alberta Court of Justice on September 3.

The allegations against him have not been proven in court.