Man charged in Ponzi scheme
Posted Dec 14, 2009 11:07:13 AM.
This article is more than 5 years old.
A Hamilton-area man accused of running a multi-(m) million dollar Ponzi scheme has agreed to turn over money and pay a penalty following a settlement with the U-S Securities and Exchange Commission.
Gordon Driver (of Freelton) and his company, Axcess Automation, reached the agreement just days after the S-E-C went to a U-S court seeking a contempt order against Driver.
Driver and his company are alleged to have defrauded more than 100 Canadian and American investors by promising them returns of five per cent a week based on special software he claims he developed.
A court hearing will be held to determine how much money Driver must turn over — and the size of the penalty he faces.
Driver and his company are not registered to sell and trade securities in either Ontario or the U-S.
