Calgary financial advisor charged after allegedly embezzling nearly $5M
A Calgary man who worked as a senior financial advisor has been charged with fraud and theft after police say he misappropriated nearly $5 million from his clients.
RCMP say Marc St. Pierre is believed to have withdrawn funds from client accounts and deposited them into his own bank accounts.
Officials say 16 victims were identified in the Red Deer area and the combined losses are nearly $5 million.
- Sign up for breaking news alerts from CTV News, right at your fingertips
- The information you need to know, sent directly to you: Download the CTV News App
St. Pierre was charged on April 4 with fraud over $5,000 and theft over $5,000.
Police say while the monetary loss is significant, the fact that the accused worked for a bank harms the integrity of Alberta's financial institutions.
"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," said Sgt. John Lamming with the RCMP's provincial financial crime team.
St. Pierre is due in court in Red Deer on May 14.
According to documents from the Investment Industry Regulatory Organization of Canada (IIROC), St. Pierre was permanently banned by the regulatory body following a hearing in 2022.
He was an employee at an ATB located in Red Deer. ATB terminated St. Pierre’s employment in 2021 as a result of an internal investigation, the documents show.
He has not been employed with an IIROC-regulated firm since.
As a result of the IIROC decision, St. Pierre was also fined $1 million, ordered to return the $4.8 million that was misappropriated, and covered $100,000 in costs for the IIROC’s investigation and prosecution.
CTVNews.ca Top Stories
Pearson gold heist suspect arrested after flying into Toronto from India
Another suspect is in custody in connection with the gold heist at Toronto Pearson International Airport last year, police say.
Justin and Hailey Bieber are expecting their first child together
Hailey and Justin Bieber are going to be parents. The couple announced the news on Thursday on Instagram, both sharing a video that showcases Hailey Bieber's growing belly.
From outer space? Sask. farmers baffled after discovering strange wreckage in field
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
B.C. man used Bobcat as 'weapon' while chasing away homeless people, judge says
A B.C. man has been convicted of assault with a weapon after using a skid-steer Bobcat to chase two homeless people from his lawn, injuring one of them in the process.
Debate on abortion rights erupts on Parliament Hill, Poilievre vows he won't legislate
A Conservative government led by Pierre Poilievre would not legislate on, nor use the notwithstanding clause, on abortion, his office says, as anti-abortion protesters gather on Parliament Hill.
Ontario family receives massive hospital bill as part of LTC law, refuses to pay
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
Miss Teen USA steps down just days after Miss USA's resignation
Miss Teen USA resigned Wednesday, sending further shock waves through the pageant community just days after Miss USA said she would relinquish her crown.
'Nobody should be getting away with murder': Grieving mother speaks out after son killed in North Preston, N.S.
A grieving mother is speaking out after her 36-year-old son was shot and killed in North Preston, N.S., Wednesday night.
Toronto-area dessert shop featured by Keith Lee forced to move after zoning complaint
A small Ajax dessert shop that recently received a glowing review from celebrity food critic Keith Lee is being forced to move after a zoning complaint was made following the social media influencer’s visit last month.