Trial in 2020 for man accused in $10 million oilpatch fraud

Man accused of bilking investors of $10.2 million in Canada and the U.S. in a pyramid scheme

A central Alberta man accused of bilking investors of $10.2 million in a pyramid scheme is looking for a new lawyer.

Joshua Tenhove is charged with laundering crime proceeds, fraud and possession of property obtained by crime.

Tenhove said in Red Deer Court of Queen’s Bench on Monday that his application for legal help has been approved by Legal Aid Alberta. He will return to court on March 4 to confirm his new lawyer.

A trial has been set for April 14 to May 1, 2020, in Red Deer.

Tenhove was charged in December 2017 after a 20-month RCMP investigation led to a search of a home on C&E Trail, north of Red Deer.

The alleged scheme involved the purchase, sale and rental of a mobile light tower by Silvertip Energy Inc.

RCMP allege the owner of Silvertip Energy sold or rented light towers with the same serial number to multiple investors and sold or rented units that were never manufactured.

Police said the alleged Ponzi scheme involved reselling the same items to numerous investors and disguising money coming in as dividends to early buyers.

Five individual investors lost about $4 million and at least four companies in Canada and the U.S. lost $6.2 million, allege police.

Tenhove is not in custody.



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