Canada News

Get the latest new in Candada

Calgary

Former Red Deer financial adviser accused of embezzling millions from clients

A Calgary man who worked as a financial adviser in Red Deer faces criminal charges, accused of embezzling nearly $5 million from clients over a six-year period. 

Marc St. Pierre, 52, is charged with fraud over $5,000 and theft over $5,000.

He is accused of stealing millions of dollars from clients while serving as a senior financial adviser with ATB Securities Inc. 

ATB fired St. Pierre in 2021 following an internal investigation.

$6M sanction issued in 2021

St. Pierre is accused of fraudulently withdrawing funds from client accounts and depositing them into his own bank accounts.

RCMP say there are 16 victims from the Red Deer area. The total loss to the victims is estimated to be nearly $5 million. 

The case was reported to RCMP following findings by the Investment Industry Regulatory Organization of Canada (IIROC), which sanctioned St. Pierre in November 2022.

The IIROC issued penalties of nearly $6 million after making findings that between April 2015 and August 2021, St. Pierre misappropriated funds from 16 of his clients’ accounts.

St. Pierre admitted to embezzlement

In an interview with IIROC staff, St. Pierre admitted to misappropriating approximately $4 million from the clients over a six-year period ending in August 2021. 

St. Pierre also told the IIROC that the funds were transferred to personal bank accounts that he either owned or controlled. 

According to the IIROC enforcement notice, the embezzlement took place while St. Pierre was a registered representative with the Red Deer branch of ATB Securities Inc., an IIROC-regulated firm.

The majority of St. Pierre’s clients were over 75 years old, according to the IIROC decision, which also states that ATB reimbursed every victim in full. 

The self-regulatory hearing panel also permanently banned St. Pierre from registering in any capacity with IIROC. 

St. Pierre is due in Red Deer court next month.

View original article here Source