Alleged Ponzi scheme targets Italo-Canadians

It's not the PML we know in the Sault. Nope - definitely not Purvis Marine Ltd. But media reports tonight are painting a company called Progressive Management Ltd.

It's not the PML we know in the Sault.

Nope - definitely not Purvis Marine Ltd.

But media reports tonight are painting a company called Progressive Management Ltd. (PML) from the Bahamas as North America's latest alleged Ponzi scheme - this one targeting the Italo-Canadian community in Quebec.

Almost 100 middle-aged, middle-class investors are said to have put millions of dollars into the company.

A lawsuit alleges the money went to offshore gambling casinos.

To read the Montreal Gazette's coverage of this story, please click here.