Founder of Pigeon King bankrupt
Posted Dec 16, 2009 12:49:16 PM.
This article is more than 5 years old.
The Record is reporting the owner of pigeon breeding scheme that went south has declared personal bankruptcy.
Arlan Galbraith founded Waterloo-based Pigeon King International and was accused of running a Ponzi scheme.
The business recruited about 1,000 people, mostly farmers, to breed pigeons as part of a plan to produce their meat for the consumer market.
The business declared bankruptcy in 2008.
Galbraith owes investors as much as 40 million dollars.
Today’s ruling means Galbraith’s personal assets can be seized and divided up among creditors.
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