Gem huckster arrested on fraud charges

The first rule of a fraud scam is if it looks too good to be true, it probably is. Just ask the victims of Bernie Madoff's spectacular Ponzi scheme.

The Province newspaper reports that the man claiming to have the world's largest emerald has been arrested  in connection to multiple fraud offences that took place in Ontario, Canada.

Police became aware of Regan Reaney's warrants through interactions with Reaney and made the arrest once Ontario agreed to return him to that province, the Province reports.

Meanwhile, the 11.5-kilogram gem was auctioned as planned but not did sell.

Reaney had claimed "the world's largest emerald," weighing 57,000 carats, was worth at least $1.15 million.

But dispersions were quickly cast on that claim by gemologists who suspected that the emerald was actually dyed beryl, a relatively worthless mineral.