Fraud charges laid in Knowledge House investigation
Posted Mar 29, 2011 06:26:34 AM.
This article is more than 5 years old.
Three people face charges after a lengthy investigation into allegations of fraud at a technology-based education school formerly known as Knowledge House Inc.
The charges allege Daniel Frederick Potter, Robert Blois Colpitts and Bruce Elliott Clarke conspired to affect the stock market using Knowledge House Inc. shares between January 2000 and September 2001.
All three face counts of conspiracy to commit fraud, fraud affecting the public market and fraud over $5,000. They are due in Nova Scotia Supreme Court April 28.
The probe began after RCMP received a complaint from the Nova Scotia Securities Commission, which prompted a seven-year-long investigation.
Chief Superintendent Blair McKnight said this maybe the first case of this kind in Nova Scotia.
“I haven’t found where manipulation of the public market has been alleged, or fraud against the public market has been alleged in the past. This may be the first of its kind in the province,” McKnight tells News 95.7.
He said Canada is putting a special focus on this type of crime.
“Confidence in the public market is critical to the economy in Canada,” said McKnight. “We need to work very hard to ensure the integrity of people working in this field. We look forward to pursuing any others who choose to try to beat our public market system.”
Investors all over the world lost millions of dollars in the scam.
