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Global Financial
In December 2019, a significant international stock fraud scheme was uncovered, revealing connections to properties in Kelowna, British Columbia, involving a “pump-and-dump” operation that defrauded investors.
Quick summary on Global Financial
In December 2019, a significant international stock fraud scheme, known as a “pump-and-dump” operation, was uncovered, revealing connections to properties in Kelowna, British Columbia. This scheme involved artificially inflating stock prices through misleading promotional materials, leading to substantial profits at the expense of unsuspecting investors.
Kelowna’s Involvement: The British Columbia Civil Forfeiture Office identified two properties in Kelowna—on Mission Ridge Road and Big White Road—allegedly purchased with proceeds from the fraudulent activity. These properties were acquired in 2017 and 2018 by Cuatro Cienagas Inversiones Ltd., a company incorporated in Hong Kong, which is believed to have been established to receive and distribute funds obtained through the stock fraud.
Legal Proceedings: The civil forfeiture suit names three defendants:
Benjamin Thomas Kirk: Reportedly resided in the Mission Ridge home.
Kaylee Tyne Johnson: Identified as Kirk’s former or current spouse.
Carlos Gomez Brana: Believed to reside in Mexico.
The Civil Forfeiture Office asserts that Cuatro Cienagas Inversiones Ltd. is owned and operated by one or more of these individuals. As of the report, none had filed a response to the suit, and the allegations remained unproven in court.
Financial Transactions: Investigations revealed that Cuatro Cienagas Inversiones Ltd. transferred over $2 million to a Kelowna law firm between May and December 2017, along with more than $250,000 to a Bank of Montreal account that same year. These transactions are suspected to be part of the money laundering activities associated with the stock fraud.
Conclusion: The Kelowna connection to this international stock fraud scheme highlights the global nature of financial crimes and the importance of vigilance in monitoring financial transactions and real estate investments. The ongoing legal proceedings aim to address the illicit activities and ensure accountability for those involved.
by: Tiffany Ward
It's infuriating how easy it is for criminals to use real estate as a way to clean dirty money. They play the system, launder millions, and when they finally get caught, they just vanish, leaving authorities to chase shadows. Meanwhile,...
by: Chad Torres
Wonder how many other fraudsters are doing the same thing in Kelowna right now. This is just one case that got exposed—imagine how much is still hidden.
by: Stacy Peterson
Pump-and-dump schemes are as old as the stock market, but these guys took it to another level—money laundering, fake companies, and shady property deals? Disgusting...