Barrie man charged in debit machine Ponzi scheme: OPP


A Barrie man has been charged in a Ponzi scheme that generated more than $24 million through the sale of non-existent debit terminals.

According to OPP, an international investigation into the company “Debit Direct” began two years ago.

The company claimed to sell point-of-sale machines to businesses in Canada and the U.S.

Those who bought in believed they would receive 15 cents per debit transaction processed on these machines.

But Ontario’s Serious Fraud Office says the debit machines didn’t exist and any profits came from new investors in the scheme.

The victims initially came forward with their complaints to nine different police agencies across Canada.

Police say 515 victims lost more than $24 million since the scheme began in 2012.

A 66-year-old Barrie man faces several charges including fraud over $5,000 and laundering proceeds from a crime.