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Alleged mastermind of $12 million Ponzi scheme not found

CBC News reports that Mark E. Cohen has been accused of being behind a plan to buy used cars that would be resold at a huge profit due to the lack of vehicles exacerbated by Covid.

It is alleged that investors were offered returns as high as 13% per month and some invested up to $5 million.

But plaintiffs’ lawyers say Cohen has not been in contact with investors or disclosed his whereabouts since August 2021 and changed his phone number.

Court papers have been delivered in person by email, but Cohen has not filed a statement of defense or shown up in preliminary court proceedings.

None of the charges against him or the other defendants named on the documents have been proved in court.

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