Police bust Ponzi scheme run by Halifax based Jabez Financial Services

An investigation by members of the RCMP Commercial Crime Section has led to fraud charges against one person following a lengthy investigation into Jabez Financial Services.

The investigation determined that 179 investors were defrauded over $4 million dollars in an alleged Ponzi scheme. The following person is charged with four (4) fraud-related charges:

Quintin Earl Sponagle (1964-06-10)

Three (3) charges of Fraud over $5,000.00, Section 380(1)(a) Criminal Code
One (1) charge of Theft over $5,000.00, Section 334(a) Criminal Code

This very complex investigation conducted by the RCMP Commercial Crime Section lasted more than five years and was carried out both nationally and internationally. “The RCMP is committed to detecting and enforcing investment fraud,” says Insp. Jim MacDougall, officer in charge of the RCMP Financial Crimes Section in Nova Scotia. “A fraud of this scale had a significant impact on investors across the country, many of whom lost a substantial amount of money as a result of their investments with Jabez.”