RCMP charges Marc St. Pierre with fraud, after allegedly withdrawing client funds in Red Deer
RCMP have arrested Marc St. Pierre, a 52-year-old Calgary man accused of embezzling millions of dollars from clients, as reported by Global News.
St. Pierre worked as a financial adviser at ATB Financial in Red Deer, where he allegedly committed the fraud.
Police allege that St. Pierre fraudulently withdrew money from his clients’ accounts and then deposited these funds into his own bank accounts. The RCMP identified a total of 16 victims in the Red Deer area who collectively suffered nearly $5m in losses.
The case came to the attention of the police in August 2021, and they began their investigation in November of the same year.
Sgt. John Lamming of the Alberta RCMP’s provincial financial crime team commented on the situation, stating, “The ability for financial advisors to leverage their position to conduct frauds and investment scams represents a significant risk to the integrity of Alberta’s financial institutions.”
Lamming also emphasized the importance of vigilance among banking clients: “The investigation serves as an important reminder for all banking clients to regularly check their accounts for any suspicious activity and to report it to their bank’s fraud prevention team.”
Marc St. Pierre now faces several charges, including fraud and theft over $5,000. He is scheduled to appear in court in Red Deer on May 14.
