Rash of fraud charges laid

Mounties have laid 47 fraud-and theft-related charges against a local financial consultant accused of bilking investors out of more than $300,000.

Police said that between Oct. 31 and Aug. 16 , the man who worked for Investors Group, forged portfolio statements and misappropriated $335,000 from eight victims.

“One of the allegations is (the accused) requested a client write him a personal cheque, which is against Investors Group procedure,” said Wayne Alford, director of enforcement for the Alberta Securities Commission which was the initial investigative body that later contacted the Mounties.

“He (allegedly) cashed the cheque and used the money for his own purposes.”

The man had worked at the company for more than 15 years and while rare, situations like this do occur, said Investors Group spokesman Ron Arnst, adding the affected investors have been looked after.

The accused is charged with fraud, theft and uttering.

He will appear in Calgary Provincial Court tomorrow to face the charges.
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