A man charged with defrauding 179 investors over $4 million dollars in an alleged Ponzi scheme is now back in Canada to face the charges.
Quintin Earl Sponagle fled to Panama while he was under investigation for Fraud Exceeding $5,000 and Theft over $5,000.
Charges were laid against Sponagle and, on behalf of the Nova Scotia Public Prosecution Service, Canada sought his extradition from the Republic of Panama.
The Republic of Panama approved the extradition, and Sponagle was arrested on April 16th, 2013 by Panamanian authorities. Sponagle opposed the extradition through two levels of the Panamanian judiciary and remained in custody through his appeal process.
Assistance was provided by the RCMP Liaison Officer in Panama, the Department of Justice Canada’s International Assistance Group and the Nova Scotia Public Prosecution Service in returning Sponagle to Canada.
Earlier this week RCMP officers with Nova Scotia Federal Serious and Organized Crime Unit traveled to Panama and escorted Sponagle back to the province. He will appear in Windsor Provincial Court on Friday November 28th, 2014.
The investigation lasted more than five years and was carried out both nationally and internationally.
‘This fraud was devastating to 179 investors, many of whom were Nova Scotians,’ said Nova Scotia RCMP Insp. Glenn Lambe. ‘Financial Crime robs hard-working Canadians of their earnings, causing the confidence of consumers and investors in their economy to be shaken – their economic security undermined and their trust in institutions put at risk.’
For reference please see RCMP news release issued in June 2011 regarding this investigation.