By Canadian Press

coaldale cloud

Coaldale man faces fraud charges for ‘gifting circle’ scam

May 6, 2019 | 11:21 AM

A southern Alberta man is facing charges in an alleged pyramid-type scheme that extends into Saskatchewan and B.C. and has generated a $2 million loss.

Lethbridge police say the scheme promises a return of $40,000 in exchange for a so-called gift of $5,000.

The donor must then recruit two more people to give money, but investigators say the end result is lost money when new recruits can’t be found.

They say witnesses advise there are currently more than 500 members and 80 gifting circles.

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Steele Cameron Tolman, a 57-year-old Coaldale resident, will appear in court May 17th on charges of fraud over $5,000 and possession of the proceeds of crime.