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Wednesday, August 02, 2006

ritter guilty of passport charge.

Michael Ritter has been found guity of breaching a court-ordered recognizance that barred him from obtaining a passport while awaiting trial on charges of international fraud... from the Edmonton Journal...

The judge in the case ruled today he knowingly tried to obtain a passport to leave Canada to avoid prosecution on a string of fraud and related charges in connection with an international investment scheme and money-laundering charges.

Ritter, the former chief parliamentary counsel at the Alberta legislature, is accused of trying to change his name to obtain a Belizean passport.

The alleged breach of recognizance happened while he was out on bail, which has since been revoked. He is in custody while awaiting trial on charges of fraud, money-laundering and obstruction of justice.

He has been indicted in the United States for his allege role in a $250-million “Ponzi” scheme, in which people from the United States were enticed to invest their money on the promise of returns that didn’t exist. In such a scheme, money from later investors is used to pay earlier ones, creating the appearance that it is producing profitable returns for investors. But eventually it collapses because there isn’t enough money to pay off all investors.

He also faces several charges in Canada related to his alleged role in laundering $43 million US, stolen from a brokerage firm by a Wall Street trader. Read the rest...
See the entire Michael Ritter Scandal Chronology.

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