Man charged in alleged $15-million Ponzi scam

A Toronto man has been charged with fraud after he allegedly operated a Ponzi scheme over seven years, raising over $15 million selling securities.

The RCMP’s GTA Financial Crime Unit and the Ontario Securities Commission allege that 41-year-old Kevin Zietsoff sold promissory notes to over 50 people, including family and friends.

The millions he raised from investors were often lost in speculative trades or used to make bogus “interest” payments to investors, according to the OSC.

The RCMP alleges the Ponzi scheme lasted from 2006 until last year. Zietsoff was arrested and released on a promise to appear in court.

“He’s actually been very co-operative with the investigation,” said Sgt. Richard Rollings.

Zietsoff is scheduled to appear in court at Old City Hall on Aug. 23.