Lethbridge Police Service. (Lethbridge News Now)

By David Opinko

Second suspect arrested after Lethbridge man scammed out of millions

Sep 24, 2020 | 2:10 PM

LETHBRIDGE, AB – Thanks to collaboration between several law enforcement agencies, one of the men allegedly behind a multi-million dollar investment scam has been apprehended.

Back in June 2018, a Lethbridge man was defrauded out of more than $3.1-million by the Calgary-based investment company RAEU Global.

The victim was seeking an investment of more than $25-million to build a major project in Ontario and needed capital to proceed.

RAEU and an Okotoks-based brokering firm, Taurus Capital, agreed to provide the money necessary but stipulated that a “down payment” of $3.1-million was required first.

The victim raised the money by seeking out several of his own investors, but the loan was never fulfilled.

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In June 2020, one of the suspects, 36-year-old Dustin Ritter of Okotoks was arrested on charges of fraud over $5,000 and possession of property obtained by crime over $5,000.

The second person, 46-year-old Josef Korec of Calgary, reportedly fled the country to the Czech Republic.

READ MORE: LPS charge two in multi-million dollar investment fraud

LPS Acting Sgt. for the Economic Crimes Unit Paolo Magliocco confirmed to LNN that Korec returned to the country through Vancouver on September 6.

He was forced to self-isolate for two weeks. When his quarantine was finished, he turned himself in to Lethbridge Police.

This came after collaboration between the Canada Border Services Agency, Alberta Justice, and LPS.

Korec was released on a $50,000 cash bail with numerous conditions. The suspect is charged with fraud over $5,000, possession of property obtained by crime over $5,000, and money laundering.

He is scheduled to appear in Calgary court October 21.