The Calgary Herald is reporting that a Canadian family running an offshore organization under investigation by police has taken over a gold mining company in Ecuador.
According to the Herald, the move to acquire Merendon de Ecuador is an attempt by the Jarmans family to prove that its Costa-Rica based Voyageur Foundation is not a Ponzi scheme, and to reimburse millions of dollars in missing investments:
Some of the missing funds were shifted into a clutch of firms once controlled by Gary Sorenson, an Alberta businessman who has been found guilty in the U.S. of orchestrating a $300-million US gold mining Ponzi scheme.
One of those companies was Merendon de Ecuador – the same Ecuadorean gold mining firm the Jarmans have taken over.
It is unclear whether the property contains enough gold to support a mine, nor whether the family members have the expertise to run a mining operation, the article states.
