Fund salesman faces 47 counts of bilking clients
A Calgary financial consultant who has been charged with bilking more than $335,000 from unsuspecting investors will face a tribunal of his peers in February.
Commercial crime investigators with the Calgary RCMP allege the accused misappropriated the cash and forged numerous portfolio statements within a one-year period.
He faces 47 charges of fraud and theft under the Criminal Code.
The Alberta Securities Commission has also commenced administrative proceedings against the accused and will decide in February whether to revoke his registration as a mutual fund salesman.
The accused, who was working for the south Calgary office of Investors Group Financial Services, is alleged to have scammed at least 17 people between Oct. 31, 2000, and Aug. 16, 2001.
He did not return calls from the Herald on Wednesday.
One of the alleged victims, 75-year-old retired school teacher, said she has known the accused since 1987 and he was often at her home. She said she last saw the accused in July 2001.
Provincial court documents allege the accused stole $18,000 from Nadler.
The court documents allege one victim was bilked out of $65,579.
Of the 17 alleged victims, the charges allege 10 had their portfolio statements and home addresses tampered with.
The RCMP said the company notified it of the alleged wrongdoing and co-operated with police during the investigation.
The company did not return calls from the Herald on Wednesday.
Alberta Securities Commission documents allege the accused misappropriated $273,579 from investors and attempted to misappropriate tens of thousands more.
An additional amount of approximately $36,600 is unaccounted for.
The director of enforcement for the ASC, said if the accused is found to have committed the frauds, he could be sanctioned for life.
The accused is to appear in Calgary provincial court on Friday.
Patrick C. Fagan is a highly accomplished lawyer with an impressive career spanning over 35 years in the legal field.