Investors urged to review statements
A 40-year-old financial advisor from Severn, Ont., near Orillia, has been charged with defrauding the public and 11 counts of uttering a forged document, according to the Ontario Provincial Police (OPP). The charges follow a 16-month investigation into allegations that the advisor stole more than $1.8 million from clients.
CBC reported that police allege the advisor instructed clients to make investment cheques payable to the accused directly, rather than to the investment firm. Approximately $1.8 million is suspected to have been misallocated through this method. Furthermore, the advisor is accused of forging investment and insurance paperwork to conceal the alleged fraud.
This incident occurs against a backdrop of increasing concern regarding investment scams across Canada. Information from the Canadian Anti-Fraud Centre (CAFC) and the Royal Canadian Mounted Police (RCMP) in early 2025 highlighted a rise in sophisticated scams targeting Canadians, leading to significant financial losses. The CAFC indicated substantial losses to fraud in the previous year, with investment schemes being a major contributor. Resources from the Canadian Securities Administrators (CSA) have also emphasized the ongoing need for investor vigilance.
The OPP is urging investors to be vigilant and proactive in protecting their investments. “It is essential to confirm that your investment funds are being directed into the products you intended,” said Detective Constable 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.”
For individuals less familiar with online platforms, the OPP advises seeking assistance from trusted individuals for reviewing online accounts, a recommendation often found in consumer protection guides published by organizations like the Financial Consumer Agency of Canada (FCAC). They also emphasize the importance of obtaining detailed documentation for all investment decisions, a key piece of advice consistently provided by investor education resources.
The accused, whose name has not been officially released by the OPP, is scheduled to appear in an Orillia court on June 10, 2025, according to CTV News. Police are asking anyone with further information related to this case to contact the Orillia OPP.
