12/16/2014 02:04 EST | Updated 02/15/2015 05:59 EST

Mother And Son Plead Guilty In $1.3 Million Alberta Ponzi Scheme

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CALGARY - A mother and son have pleaded guilty to seven counts of fraud in a $1.3 million Ponzi scheme in southern Alberta.

RCMP say 45-year-old Anthony Pittarelli and his mother, Marisa Pittarelli, who is 66, entered guilty pleas last week.

The charges related to an investment fraud scheme where people were invited to invest in an entertainment event ticket reselling business.

Tickets to popular events, such as concerts or sporting events, were claimed to be bought and resold at a profit to investors but in reality, the business did not exist.

Some cash was used to repay earlier investors, while the rest went into the Pittarellis' pockets.

Sentencing is scheduled for April 20 in Lethbridge.

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