Financial advisor from Severn Twp., Ont. arrested after allegedly committing $1.8 million in fraud
Canadian $100 dollars bills are seen in this file photo.
Provincial police arrested a man from Severn Township, Ont. this week after a 16-month investigation found that he committed eleven counts of uttering forged documentation.
According to Orillia OPP, the 40-year-old financial advisor defrauded some of his clients by asking them to provide investment funds through cheques made payable to himself instead of an investment company.
Police add that, in certain cases, he falsified and forged investment and insurance paperwork to hide the misallocation of his clients' funds. The alleged fraudulent acts by the accused also extend to additional members of the public.
The total sum of misallocated funds is suspected to exceed $1.8 million according to Orillia OPP.
'It is essential to confirm that your investment funds are being directed into the products you intended,' said Det.-Cst. Russ Rogan, investigating officer from the Orillia OPP Crime Unit, in a news release. 'This means regularly reviewing your investment statements, whether by mail or through your secure online investment portal, and by keeping track of all transactions.'
The accused is scheduled for a June 10 court appearance in Orillia.
Police remind the public that fraud can often go undetected, particularly with vulnerable individuals.
'The OPP advises that a trusted family member or person regularly reviews these online accounts, especially for those who may not be tech-savvy, and always ensure you receive detailed documentation, receipts, and clear records for every investment decision,' added Det.-Cst. Rogan.
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