Scheme involved worthless gold certificates
Schemes raised up to $33.9 million from investors
O’Neill, Helmig banned for their roles in “Pay it Forward” scheme
Fraudsters promise that funds can be withdrawn on a tax-free basis
Unregistered firm may be operating out of Montreal
Resource is designed to help seniors identify tactics used by fraudsters
Victims suffer significant investment losses, on top of serious tax and pension repercussions
Quebec regulator freezes assets of 16 individuals and 7 firms
Cease-trade orders issued for Oil International LLC, Trinidad Oil and Gas Corp., and Black Gold International Ltd.
Inter-agency task force will build upon efforts to combat mortgage, securities and corporate fraud