On March 14, 2019, the EPS issued a media release advising the public of Brian Desmond Penney, 48, who was charged on March 7, with fraud over $5,000 in relation to an alleged bogus business deal. At the time, investigators believed Penney had been defrauding individuals for over a year and were seeking additional complainants.
Thanks to media and public assistance, 14 additional complainants have since come forward and investigators believe approximately $1 million has been defrauded by Penney to date. Detectives with the EPS Economic Crime Section continue to investigate these recently reported incidents, which allegedly began in 2017.
Police believe Penney is continuing to approach individuals with an opportunity to invest in an alleged steel fabrication business, asking them for money to pay for start-up costs. In some instances, Penney was reportedly bringing his potential investors to a shop space in south Edmonton as a means of convincing them the business was legitimate.
Investigators continue to believe that Penney has no intention of establishing this business and believe there may still be additional complainants. As a result, the EPS is re re-releasing Penney’s photo and is encouraging anyone who believes they may have been defrauded by him to come forward.
Brian Desmond Penney, 48
Height: 5’9”
Weight: 250 lbs
Anyone who feels they may have been victimized by Penney can contact the Edmonton Police Service at 780-423-4567or #377 from a mobile phone. Anonymous information can also be submitted to Crime Stoppers at 1-800-222-8477 or online at www.p3tips.com/250.
Background
On Monday, March 4, 2019, two complainants approached police about a $70,000 investment they had made in a business deal that they believed may not be legitimate. It was reported to police that Brian Desmond Penney, 48, had approached them with an opportunity to invest in a steel fabrication business. Penney reportedly asked the complainants for money to pay for start-up costs for the business. After conducting a background information search on Penney, the complainants became concerned the opportunity may not be real and they immediately contacted police.
Investigators with the EPS Economic Crimes Section believe that Penney had no intention of establishing the business and on Thursday, March 7, 2019, Penney was arrested and charged with fraud over $5,000.