Alleged multi-million dollar Baysville fraudster has court dates set
Nicholas Smirnow's 13-day preliminary inquiry will start in March
By Roland Cilliers
HUNTSVILLE - Itís still going to be a long time before the multi-million dollar case against a Baysville man comes to an end.
Nicholas Smirnow, formerly of Baysville, had the dates for his 13-day preliminary inquiry set in Bracebridge court on Nov. 24. The inquiry will start on March 9 in Bracebridge and will stretch into early April due to the matter being split across several weeks.
Smirnow is charged with three counts of fraud and one count of theft.
In 2010 it was reported that Smirnow, who was also a resident of Florida, was facing a total of 10 fraud and conspiracy charges in the United States.
The United States Attorney Generalís office alleged the accused, through the online company Pathway-2-Prosperity, also known as the P2P Network, promised annual rates of return in some cases as high as 17,000 per cent with little risk.
While some people made money, most investors lost everything, according to a press release. The alleged value of the Ponzi scheme was $70 million.
Smirnow was not arrested until 2014 when he and his wife turned up at Pearson International Airport after eluding an arrest warrant issued in 2010 by leaving the country. He remains in custody.
In court on Nov. 24, Smirnow appeared in the prisonerís box with a gray beard and long dark hair tied into a pony tail.
The lawyer who spoke on his behalf said Smirnowís representation was able to have an earlier court date but the March ones were the earliest available for the court co-ordinator.