Sixteen people have come forward with complaints about an Edmonton man who allegedly defrauded potential investors out of $1 million, police say.
Brian Desmond Penney, 48, was charged on March 7 with fraud in relation to an alleged bogus business deal, the Edmonton Police Service said Tuesday in a news release.
“Police believe Penney is continuing to approach individuals with an opportunity to invest in an alleged steel fabrication business, asking them for money to pay for start-up costs,” the news release said.
The investigation began on March 4, when two complainants told police about a $70,000 investment they had made in a business they came to believe was not legitimate.
Investigators with the economic crimes section concluded that Penney had no intention of establishing the business. He was arrested and charged with fraud over $5,000.
A week later, police issued a news release to ask other investors to come forward. Another 14 complainants have since spoken to investigators, the news release said.
In some instances, police said, Penney reportedly took potential investors to a shop in south Edmonton to help convince them the business was legitimate.
“Investigators continue to believe that Penney has no intention of establishing this business and believe there may still be additional complainants,” police said.
Anyone with information is asked to contact police or Crime Stoppers.