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RCMP say Marc St. Pierre is believed to have withdrawn funds from client accounts and deposited them into his own bank accounts.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
DEVELOPING Live updates as Stormy Daniels testifies at Trump hush money trial
Adult film star Stormy Daniels will take the stand a second time Thursday as former U.S. president Donald Trump’s hush money case continues in Manhattan. Follow live updates here.
NEW Why these immigrants to Canada say they're thinking about leaving, or have already moved on
For some immigrants, their dreams of permanently settling in Canada have taken an unexpected twist.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
NEW Capital gains tax change 'shortsighted' and 'sows division' business groups tell Freeland
Forging ahead with increasing Canada's capital gains inclusion rate 'sows division,' and is a 'shortsighted' way to improve the deficit, business groups are warning Finance Minister Chrystia Freeland.
Ontario man frustrated after $3,500 paving job leaves driveway in shambles
An Ontario man considering having his driveway paved received a quote from a company for $7,000, but then, another paver in the neighbourhood knocked on his door and offered half that rate.
Defence attacks Stormy Daniels' credibility as she returns to the stand in Trump's hush money trial
Stormy Daniels will return to the witness stand Thursday in Donald Trump's hush money trial as the defence tries to undermine the credibility of the porn actor's salacious testimony about their alleged sexual encounter and the money she was paid to keep quiet.
With contactless screening tech, this Toronto startup hopes to catch breast cancer early — and save lives
Amid evidence of rising breast cancer rates among young women in Canada, one Toronto startup is offering a contactless and radiation-free device that can help doctors identify suspicious changes in breast tissue. The company, Linda Lifetech, says this can lead to earlier detection of breast cancer.
Tornadoes tear through southeastern U.S. as storms leave 3 dead
Forecasters warned a wave of dangerous storms in the U.S. could wash over parts of the South early Thursday, a day after severe weather with damaging tornadoes and large hail killed at least three people in the region.
Police handcuff man trying to enter Drake's Toronto mansion
Toronto police say a man was taken into custody outside Drake's Bridle Path mansion Wednesday afternoon after he tried to gain access to the residence.