By: Julius Hern
ORILLIA, Ont. - Members of the Orillia OPP major crime unit, have arrested and charged a local financial advisor with defrauding the public and eleven counts of uttering a forged document.
The 16 -month investigation concluded with Thursday's arrest of a 40-year-old man from Severn.
He allegedly defrauded some of his clients by requesting his clients provide the intended investment funds by way of cheque made payable to himself personally instead of making the cheque directly payable to the investment company. It's also alleged he falsified and forged investment and insurance paperwork to hide the misallocation of his victims' funds.
The total sum of the misallocated funds is suspected to be over $1.8 million.
"It is essential to confirm that your investment funds are being directed into the products you intended, investigating officer Detective Constable Rogan said. "This means regularly reviewing your investment statements-whether by mail or through your secure online investment portal-and by keeping track of all transactions."
In many cases, particularly with vulnerable individuals, fraud can go undetected.
"The OPP advises that a trusted family member or person regularly reviews these online accounts," Rogan added. "Especially for those who may not be tech-savvy, and always ensure you receive detailed documentation, receipts, and clear records for every investment decision."
