HALIFAX - RCMP investigators say as many as 179 investors have lost more than $4 million in an alleged investment scheme involving Jabez Financial Services.
The Halifax-based investigation of the Panamanian-registered company resulted in four charges against owner Quintin Sponagle, 46, on Tuesday.
They include three counts of fraud over $5,000 and one count of theft over $5,000.
"We believe he is in Panama and we are taking steps to work with prosecutors to have him extradited back to Canada to face charges," said Insp. Jim MacDougall.
RCMP said the investigation was complex and took more than five years to complete after it was referred to them by the Nova Scotia Securities Commission.
"We began right away and throughout the time frame there was a lot of investors and a lot of money that had to be followed," MacDougall said.
MacDougall said the scale of the alleged fraud has had a significant impact on investors.
Of the 179 investors, 141 were in Nova Scotia, he said.
Canada has an extradition treaty with Panama but it is not clear how long such a process would take.
