A Calgary man has been charged by the RCMP for allegedly diverting over $164 million from more than 1,000 investors. Craig Michael Thompson, 49, is accused of carrying out the scheme through his company, Black Box Management, in what authorities describe as a significant Ponzi scheme spanning from March 2020 to April 2024.
Thompson was apprehended by the RCMP’s Federal Policing Northwest Region’s Integrated Market Enforcement Team on July 31 and faces charges of fraud and money laundering. Officials claim that Thompson, posing as a sole proprietor of an investment firm, solicited funds from Black Box investors under the guise of utilizing the money for day trading. He would provide regular email updates to investors on their account performance and growth.
Upon investigation, authorities discovered that the content of the email updates was allegedly plagiarized from online sources. Furthermore, out of the $164 million received, Thompson purportedly transferred more than $163 million to various external accounts, including his personal trading account and an investment in a U.S.-based company. The RCMP’s probe also connects Thompson to multiple other businesses such as Intelsense Investment Corp., Invader Management Ltd., and Attebyte Investment Corp.
When approached by CBC News for comment, Thompson’s legal representative declined to provide a statement regarding the allegations. Thompson’s court appearance is scheduled at the Alberta Court of Justice in Calgary on Sept. 3. Notably, the Alberta Securities Commission previously found Thompson guilty of securities fraud last summer, imposing a penalty of $8.8 million for his alleged involvement in a Ponzi scheme.
It is important to highlight that Thompson has not been convicted in criminal court. Authorities are urging individuals who suspect they may have fallen victim to fraud in connection with this case to come forward and contact the police.