The ex-husband of Michele Richard arrested for fraud

yvan-demers-2000The former husband of singer Michèle Richard, Yvan Demers, was again arrested by the SQ this morning to have mounted a fraud “Ponzi scheme” of nearly two million.

Yvan Demers, who lives in Saint-Colomban in the Laurentians, was convicted in a highly publicized fraud case at the turn of the 2000s, and its financial woes with his former star wife had further helped to put under the spotlight .

For his new trick, the investigators of the Integrated Team crimes against the financial markets, however, believe that the 70 year old man was operating under a false name, Marcel Hebert, in his representations to investors.

A “Ponzi scheme” is a fraudulent financial arrangement in which the organizers pay small dividends to their investors out of the funds provided by the new investors who have just been recruited, to make it a profitable investment, so that ‘it is not so.

An accomplice of 38 years, Jean-François Demers of Montreal, was also arrested this morning. In addition to fraudulent financial arrangements, the latter is accused of fraud in the sale of works of art made through the Rules Gallery of Art in Saint-Sauveur.

The SQ says some investors have been cheated in the two cases.

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