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Okotoks man charged in alleged multi-million dollar fraud

Dustin Ritter, 36, to appear in Lethbridge court on Sept. 3.
Lethbridge Police Services have charged Dustin Ritter of Okotoks in connection with a mutli-million dollar investment fraud.

An Okotoks man has been charged with fraud over $5,000 by Lethbridge police in connection with an alleged multi-million dollar investment fraud.

In June 2018, members of the Economic Crimes Unit initiated an extensive, long-term investigation into a multi-million dollar investment fraud spanning multiple jurisdictions across Alberta, B.C. and Saskatchewan. Police determined that a Lethbridge man had been defrauded of over $3.1 million by Calgary-based investment company RAEU Global.

The victim was seeking more than $25 million dollars to build a major project in Ontario and required capital to proceed. RAEU, and an Okotoks brokering firm – Taurus Capital – agreed to provide the money necessary to fund the project, however as part of the deal it was stipulated that a $3.1 million “down payment” was required.

The victim raised the down payment by seeking out several of his own investors then met with RAEU representatives on multiple occasions to complete the transaction. The down payment was provided, but the loan was never fulfilled. Further investigation revealed the money was taken and transferred to bank accounts belonging to associates of RAEU, including several accounts in the Czech Republic.

Dustin Ritter, 36, of Okotoks, is charged with fraud over $5,000 and possession of property obtained by crime over $5,000. Ritter was arrested on July 23 in Okotoks and released from custody by a Justice of the Peace. He is scheduled to appear in court in Lethbridge Sept. 3.

Josef Korec, 46, of Calgary, is charged with fraud over $5,000, possession of property obtained by crime over $5,000 and money laundering. Korec fled Canada before he could be arrested and is currently residing in the Czech Republic. A warrant for his arrest has been issued.

Information courtesy of Lethbridge Police Services