EAST ST. LOUIS, Ill. (CN) - Federal prosecutors say a Canadian man took $70 million from 40,000 victims in an international Ponzi scheme. Nicholas Smirnow, 53, is charged with 10 felonies for his "Pathway to Prosperity" scheme. Smirnow now lives in Cavite, The Philippines.
Smirnow allegedly offered investors annual returns of 546 to 720 percent.
He faces three counts of mail fraud, four counts of wire fraud, one count of securities fraud and conspiracy to commit mail fraud, one count of mail fraud and one count of securities fraud and money laundering.
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