Money diverted: Guilty plea in multimillion real-estate fraud in Calgary
Posted Sep 30, 2016 9:02 pm.
This article is more than 5 years old.
CALGARY – A former executive of a failed Calgary-based real-estate investment company has pleaded guilty for his part in a multimillion-dollar fraud.
Varun Aurora has also agreed to pay $1 million in restitution for his involvement with Concrete Equities.
The firm, which went into receivership in 2009, raised money from Canadian investors to buy undeveloped beach properties in Senora, Mexico.
About 1,200 people are believed to have lost more than $23 million.
Court heard false information was given to investors and funds were diverted to other business ventures between 2007 and 2009.
A total of 98 victim impact statements were filed with the court.
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