The OSC’s Joint Serious Offences Team charged a Calgary advisor with alleged breaches of the Criminal Code.
A Calgary life insurance advisor was charged with fraud and uttering a forged document after allegedly providing forged account statements to an Ontario resident.
The Ontario Securities Commission’s Joint Serious Offences Team charged Michael Lee Hughes of Calgary and his company Rivertree Financial Services Corporation with fraud over $5,000 and uttering a forged document.
It is alleged that Hughes, who is a former Toronto resident, provided forged account statements to an Ontario resident for whom Hughes was managing a portfolio of investment securities through Rivertree. This fraudulent activity occurred during the period from 2008 through 2013.
It is further alleged that the false account statements minimized the significant investment losses incurred by Hughes in managing his client's portfolio, while Hughes and Rivertree continued to charge the client fees for investment management services.
Neither Hughes nor Rivertree are registered to advise or trade in securities with the OSC.
The Ontario Securities Commission’s Joint Serious Offences Team charged Michael Lee Hughes of Calgary and his company Rivertree Financial Services Corporation with fraud over $5,000 and uttering a forged document.
It is alleged that Hughes, who is a former Toronto resident, provided forged account statements to an Ontario resident for whom Hughes was managing a portfolio of investment securities through Rivertree. This fraudulent activity occurred during the period from 2008 through 2013.
It is further alleged that the false account statements minimized the significant investment losses incurred by Hughes in managing his client's portfolio, while Hughes and Rivertree continued to charge the client fees for investment management services.
Neither Hughes nor Rivertree are registered to advise or trade in securities with the OSC.
