Accused Ponzi schemer won't be prosecuted

Tzvi Erez was accused of swindling more than 70 investors of $27 million, but the Crown dropped the charges, saying it lacked the resources to proceed quickly enough in the case.(CBC)

The Ontario Crown Attorney's Office withdrew criminal charges against a Toronto man accused of operating a multimillion-dollar Ponzi scheme partly because the court lacks resources, CBC News has learned.

According to a report filed by a court-appointed receiver, Tzvi Erez, 43, used a series of expertly forged documents to defraud more than 70 investors of $27 million.

But in an email from Crown attorney Christine McGoey obtained by CBC News, the Crown said one of the reasons it decided not to pursue the case was because of the competition over trial time.