Daniel Blackburn, National Post

A Barrie resident allegedly stole nearly $1-million over six years posing as a life insurance agent,York Region Police said yesterday. Kevin Banks, 50, operated an elaborate Ponzi scheme through his financial planning and wealth management group, Kevin Banks Financial Planning Group Limited and Generations Wealth Management, in order to defraud three seniors, police said. Mr. Banks is accused of paying his investors unusually high returns with their own money, in hopes they would continue to invest while making no profitable investments himself. The operation–first located in Newmarket and then later in Barrie –was discovered when one client was unable to transfer her investment.