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RCMP say Marc St. Pierre is believed to have withdrawn funds from client accounts and deposited them into his own bank accounts.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
'A step forward': New screening criteria for sperm donors takes effect
Canadians looking to grow their families with the assistance of sperm or egg donations should soon have more options for donors as the federal health agency does away with longstanding restrictions criticized as discriminatory.
Ontario Provincial Police arrest 64 suspects in child sexual exploitation investigation
Ontario Provincial Police say 64 suspects are facing a combined 348 charges in connection with a series of child sexual exploitation investigations that spanned the province.
U.S. presidential candidate RFK Jr. had a brain worm, has recovered, campaign says
Independent U.S. presidential candidate Robert F. Kennedy Jr. had a parasite in his head more than a decade ago, but has fully recovered, his campaign said, after the New York Times reported about the ailment.
What is whooping cough and should Canadians be concerned as Europe declares outbreak?
There is currently a whooping cough epidemic in Europe, with 10 times as many cases compared to the previous two years. While an outbreak has not been declared nationwide in Canada, whooping cough is regularly detected in the country.
Pfizer agrees to settle more than 10K lawsuits over Zantac cancer risk: Bloomberg News
Pfizer has agreed to settle more than 10,000 lawsuits about cancer risks related to the now discontinued heartburn drug Zantac, Bloomberg News reported on Wednesday, citing people familiar with the deal.
Case against ex-Mountie charged with helping China can go ahead in Quebec, judge says
A Quebec court judge has ruled that the case against a former RCMP officer charged with helping China conduct foreign interference can go ahead in the province.
Steve Albini, legendary producer for Nirvana, the Pixies and an alternative rock pioneer, dies at 61
Steve Albini, an alternative rock pioneer and legendary producer who shaped the musical landscape through his work with Nirvana, the Pixies, PJ Harvey and more, has died. He was 61.
Ippei Mizuhara, ex-interpreter for baseball star Shohei Ohtani, will plead guilty in betting case
The former interpreter for Los Angeles Dodgers star Shohei Ohtani has agreed to plead guilty to bank and tax fraud in a sports betting case in which prosecutors allege he stole nearly US$17 million from the Japanese baseball player to pay off debts, federal prosecutors said Wednesday.
Watch fighter jet pilots pummel fake enemy ship off coast of Philippines
The United States and Philippines held annual joint-training drills just off the Southeast Asian nation’s western coast on Wednesday. Military forces sunk a 'mock' enemy warship – the BRP Lake Caliraya, which was a decommissioned tanker made in China.