Edmonton man behind multi-million dollar Ponzi scheme sentenced to six years

Greed was the one factor motivating a man who defrauded nearly two dozen people out of a total of $5 million dollars during a multi-year Ponzi scheme, a judge said Wednesday.
Timothy Ray Carruthers was sentenced to six years in prison for his role in a mortgage loan scam that emptied retirement plans and drained children’s education funds — all to pay for a lavish lifestyle that included luxury cars, international travel and expensive jewellery.
Court of Queen’s Bench Justice L