Josef Korec turns himself in to Police in connection with multi-million-dollar investment fraud

Lethbridge, Alberta – Josef Korec, who was wanted in connection with a multi-million-dollar investment fraud, has turned himself in to Lethbridge Police Service. With the Assistance of Alberta Justice and the Canada Border Services Agency, Korec returned to Canada from the Czech Republic on September 6, 2020, where he quarantined for 14 days in accordance with the Quarantine Act in Vancouver, BC. He returned to Lethbridge on September 23 where he turned himself in on his outstanding arrest warrants.

In June 2018, members of the Economic Crimes Unit initiated an extensive, long-term investigation into a multi-million-dollar investment fraud spanning multiple jurisdictions across Alberta, B.C. and Saskatchewan. Police determined that a Lethbridge man had been defrauded of over $3.1 million by Calgary-based investment company RAEU Global. The victim was seeking more than $25 million dollars to build a major project in Ontario and required capital to proceed. RAEU, and an Okotoks brokering firm – Taurus Capital – agreed to provide the money necessary to fund the project, however as part of the deal it was stipulated that a $3.1 million “down payment” was required. The victim raised the down payment by seeking out several of his own investors then met with RAEU representatives on multiple occasions to complete the transaction. The down payment was provided, but the loan was never fulfilled. Further investigation revealed the money was taken and transferred to bank accounts belonging to associates of RAEU, including several accounts in the Czech Republic.

Males from Okotoks and Calgary charged in multi-million dollar fraud
Males from Okotoks and Calgary charged in multi-million dollar fraud

Josef Korec, 46, of Calgary, is charged with fraud over $5,000, possession of property obtained by crime over $5,000 and money laundering. Korec was subsequently released from custody by a Justice of the Peace on $50,000 cash bail with numerous conditions, and his first court appearance will be on October 21, 2020 in Calgary, Alberta.

Dustin Ritter, 36, of Okotoks, was also charged with fraud over $5,000 and possession of property obtained by crime over $5,000. Ritter was arrested on July 23, 2020 in Okotoks.

Previous report from this case:

Males from Okotoks and Calgary charged in multi-million dollar fraud: Lethbridge Police

Lethbridge Police Service

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