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| Date: April 14, 2009 | ||
| PONZI SCHEME INVESTIGATION CONCLUDED | ||
The Windsor Police Service and the Ontario Provincial Police have concluded the joint forces investigation of Jason William Stuebing - 42 years of Belle River. It is alleged that the accused was operating a Ponzi scam in Windsor and Essex County which defrauded citizens in the area of an amount in excess of $500,000.00. Mr. Stuebing will be arraigned on 17 counts of Fraud Over $5000 and 3 counts of Fraud Under $5000. He will also be charged with one count of Attempting To Obstruct Justice. Stuebing will appear in court on April 22, 2010 to answer to the charges. At this time, the active investigation of Mr. Stuebing is closed, however, any further complaints may be directed to the Windsor Police Service Financial Crimes Unit. A Ponzi Scam can best be described as a fraudulent investment operation that pays returns to investors from their own money or money paid by subsequent investors rather than from any actual profit earned. The Ponzi scheme entices new investors by offering abnormally high rates of returns not available through conventional investments. The returns obtained through the Ponzi scheme are dependant on an ever-increasing flow of money from future investors. Any media inquiries can be directed to S/Sgt. Gerry Corriveau of the Financial Crimes Unit at 519-255-6700 ext 4325. - 30 - |
