A second man has been arrested in connection to a multi-million dollar investment fraud spanning multiple jurisdictions in BC, Alberta, and Saskatchewan.

The investigation started in June of 2018 and resulted in the arrest of 36-year-old Dustin Ritter of Okotoks in July.

A warrant for 46-year-old Josef Korec of Calgary was also issued, but Korec fled to the Czech Republic before police could arrest him.

He returned to Canada on September 6th and turned himself in to Lethbridge Police after quarantining for 14 days in Vancouver in accordance with the Quarantine Act.

Paolo Magliocco, Acting Sergeant with the Economic Crime Unit, says Korec's defence council negotiated his return with the Alberta Crown Prosecution service.

"It quite simply was a negotiated deal between the Crown and defence that he return to Canada of his own volition and quarantine, which is very important at this time, and once his quarantine period was finished, he was then to present himself to the Lethbridge Police Service."

In a media release from July, Lethbridge Police mentioned funds defrauded from victims that were transferred to foreign bank accounts associated with RAEU Global, the Calgary investment company involved with the fraud.

Sgt. Magliocco says some of the money was accounted for.

"We've been able to successfully restrain some of the bank accounts where some of the subject funds are located, but unfortunately in the other cases, the money is long gone."

Both men are facing charges of Fraud Over $5000 and Property Obtained by Crime Over $5000, with Korec facing an additional money laundering charge.

Korec was released from custody on a $50,000 cash bail with conditions and is set to appear in court on October 21st in Calgary.

Related: Okotoks Man Among Pair Charged in Multi-Million Dollar Fraud Investigation

 

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