Calgary man charged with fraud in alleged $164 million Ponzi scheme
Craig Michael Thompson, 49, faces two counts of fraud and money laundering over a scheme that defrauded more than 1,000 investors between March 2020 and April 2024.
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RCMP have charged a 49-year-old Calgary man with fraud and laundering proceeds of crime in an alleged multi-faceted Ponzi scheme that defrauded more than 1,000 investors of more than $164 million.
Craig Michael Thompson operated Black Box Management Corp., presenting himself as a one-man investment firm offering day trading to investors. Police allege that between March 2020 and April 2024, Thompson received funds from investors on the understanding he would use the money for day trading and provided weekly email updates about their account performance. However, RCMP say the information in those updates was plagiarized from online sources.
Instead of investing the money, police allege Thompson shifted more than $163 million to separate external accounts, including his own personal trading account at a U.S.-based firm. The investigation also linked Thompson to several other businesses: Intelsense Investment Corp., Invader Management Ltd., and Attebyte Investment Corp.
A year earlier, the Alberta Securities Commission sanctioned Thompson for operating what it called one of the largest-ever Ponzi schemes in Alberta. The ASC fined him $8.8 million in penalties and costs and permanently banned him from trading. That case involved a $150 million scheme affecting investors across Alberta and the U.S.
Thompson is scheduled to appear in Calgary court Thursday. Anyone with information can contact Calgary police or Crime Stoppers.
The facts
How much money did Craig Michael Thompson allegedly defraud from investors?
More than $164 million was allegedly defrauded from more than 1,000 investors in the scheme operated by Craig Michael Thompson.
What was the name of Thompson's investment firm?
Black Box Management Corp. was the investment firm operated by Craig Michael Thompson, who presented it as a one-man day trading business.
When did the alleged fraud scheme take place?
The scheme operated between March 2020 and April 2024, during which time Thompson allegedly received funds from investors under false pretenses.
What did Thompson do with the money instead of investing it?
Thompson shifted more than $163 million to separate external accounts, including his own personal trading account at a U.S.-based firm, rather than using the funds for day trading as promised.
