Edmonton police looking for more possible victims in relation to allegedly fraudulent business deal

Editor’s note: On May 28, Edmonton police released information that 14 additional complainants had come forward to police since the original news release in March. This story has been updated with the new information.

Edmonton police say 14 additional victims have talked to police after two people came forward earlier this year about a business deal they suspected was fraudulent.

On March 4, two people came to police and said they invested $70,000 in a steel fabrication business. They said a man approached them and asked for startup costs and they invested.

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After conducting a background information search, the two began to suspect the opportunity may not be real. Police believe the man had no intention of setting up the business in question.

On March 7, police arrested and charged Brian Desmond Penney with one count of fraud over $5,000.

On May 28, police issued another news release saying that 14 additional people had come forward claiming to have been defrauded by Penney.

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“Investigators believe approximately $1 million has been defrauded by Penney to date,” EPS said in the release.

Police said detectives are investigating other similar incidents involving Penney and believe he has been defrauding people for over a year. In Tuesday’s update, officers said that Penney is believed to continue to approach people with an opportunity to invest in a steel fabrication business, asking for money for start-up costs.

They believe there are other complainants.

Anyone with information is asked to contact police at 780-423-4567 or #377 from a mobile phone. Anonymous information can also be submitted to Crime Stoppers.

© 2019 Global News, a division of Corus Entertainment Inc.

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