Alberta senior charged with defrauding victims of $5M after 7 year investigation
A Sherwood Park senior has been charged with fraud after police say he took $5 million from victims as part of an investment scam.
The original fraud complaint was received by Parkland RCMP in July 2018.
Police say Allan Magneson, 86, approached local professionals for an investment.
Investigators say the funds were diverted for personal use and there was no return to the investors.
As part of a seven-year investigation, Mounties were able to identify multiple victims.
On May 13, Magneson turned himself into Sherwood Park RCMP.
He has been charged with five counts of fraud over $5,000 and laundering the proceeds of crime.
He has been released from custody and will appear in court in Sherwood Park on June 25.
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