4 Albertans accused of $60M Ponzi scam

The RCMP's Calgary commercial crime unit laid fraud and money-laundering charges Monday against three men and a woman in connection with the operations of HMS Financial Inc. between 2001 and 2004.

Alleged victims invested more than $60 million US with HMS Financial on the promise of returns of eight to twelve percent, police said.

Investors were allegedly told their investments were risk-free and that Garth Bailey — the company's lawyer, who is among those charged — had millions of dollars in bonds that would be liquidated if the investments failed to pay out.

Murray Stark, 73, of Three Hills, Robert Fyn, 62, of Linden and Garth Bailey, 57 of Okotoks are charged with fraud over $5,000 and conspiracy to commit fraud. They also face charges — along with Katherine Rorique Bailey, 53 — of laundering the proceeds of crime and conspiracy to launder the proceeds of crime.