Canadian Suspect In Fraud Case Arrested In Madrid
Posted March 13, 2007 12:00 pm.
This article is more than 5 years old.
A Canadian man accused of ripping investors off for millions was arrested by U.S. authorities in Madrid, Spain on Monday.
Brian David Anderson, 61, wanted south of the border on fraud charges, was taken into custody at his hotel. The charges relate to an alleged pyramid scheme that authorities contend defrauded people of US$4 million.
An FBI affidavit suggests Anderson and his daughter, Bonnie Dick, came up with a fake investment program called Frontier Assets in 2001 and “falsely (promised) high, guaranteed rates of return.”
The British Columbia man, who also held an address in the U.S. at one point, is alleged to have racked up at least US$7 million in investments.
Anderson’s troubles don’t end there. He also faces securities fraud allegations in B.C., where the province’s security’s commission claims he convinced people to invest $14 million in two investment operations – Frontier Assets and one called “The Alpha Program.”
In 2004, Anderson pleaded guilty in an investment fraud case before the Ontario Securities Commission.
According to the FBI, Anderson was asking for a minimum loan of US$1,000, and a FAQ page from the company reportedly read, “Whiners and complainers will be terminated immediately with the return of their loan amount, without profit.”
Anderson allegedly also promised that investments would bring a return of between five and 20 per cent a month. He’s said to have promised that Lloyd’s of London backed his investments.
Federal authorities in the U.S. are reportedly looking into Dick, who was apparently listed as the company’s administrator.
