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Calgary man charged with seven counts of fraud
Published Tuesday, February 21, 2017 9:05AM MST
The Alberta Securities Commission and Alberta RCMP say that a Calgary man has been charged in connection with an investigation conducted by the Joint Serious Offences Team.
Neil Andrew McDonald has been charged with seven counts of fraud over $5,000, one count of fraud under $5,000 and one count of money laundering.
The charges stem from information that alleges McDonald fraudulently raised about $240,000 from seven different investors between October 2012 and July 2015.
These are the first arrest resulting from an investigation of JSOT in Alberta and the third time McDonald has violated Alberta securities law.
In 2009, he fraudulently raised $439,000 from investors and was banned from trading or advising in securities for a period of 15 years.
McDonald repaid the money in restitution and also agreed to pay the Commission settlement and investigation costs.
In 2011, he raised another $240,000 from investors and was charged under the Securities Act and slapped with a permanent ban from trading in Alberta in 2014.
He was also sentenced to jail for two years in May 2015.
Officials say the current Criminal Code charges are from events that took place while he was engaged in court proceedings and waiting to serve his jail sentence.
McDonald remains in custody and is awaiting a bail hearing on Wednesday.
JSOT is an enforcement partnership between the ASC, the RCMP Federal Policing Financial Integrity Program and Alberta Crown Prosecution Service.
JSOT targets repeat offenders, serious frauds and breaches of ASC or court orders and bans.