Millarville, Alta. couple accused of running $1.3M investment scam
Warrants have been issued for a husband and wife RCMP allege were operating a fraudulent investment company in southern Alberta that bilked clients out of more than $1 million.
The warrants were issued following what's being called a "complex" investigation by the Alberta RCMP integrated market enforcement team (IMET) into a company identified as Family First Dynasty Inc. in Millarville, Alta., about 56 kilometres south of Calgary.
Fernando Honorate de Silva Fagundes, 65, and Emilia Alas-As Elansin, 40, both of no fixed address, have been charged with:
- Fraud over $5,000;
- Theft over $5,000, and;
- Laundering the proceeds of crime.
Police allege Fagundes used the alias Jovan Cavallon and Elansin also went by Janelle Cavallon.
"Fagundes portrayed himself as a day-trading expert and used an investment course operated under another company of his, Day Trading Coach Inc., to approach victims with investment opportunities later determined to be fraudulent," police said.
"Investors in both Alberta and British Columbia reportedly provided money to Fagundes through Family First Dynasty Inc., believing he would trade their finances in the stock market to make them a profit. The investigation showed that Fagundes allegedly obtained approximately $1.3 million from victims and, rather than investing the funds, took the money for his own gains. Elansin is believed to be responsible for managing the administration of Fagundes’ two companies."
Fagundes is also accused of committing similar frauds in Saskatchewan and Ontario, as we as in Portugal, and the U.S.
The investigation started after a complaint was made to RCMP in Turner Valley, Alta., just south of Calgary, and was later expanded. Police say the pair fled the Millarville area and their whereabouts are unknown.
Despite that, charges were laid through collaboration between Alberta RCMP and a number of agencies, including Forensic Accounting Management Group, Financial Transactions and Reports Analysis Center of Canada, the Public Prosecution Service of Canada, Specialized Prosecutions of the Province of Alberta, Alberta Securities Commission (ASC), Ontario Securities Commission, Financial and Consumer Affairs Authority of Saskatchewan, and US Federal Bureau of Investigation.
IMET is a specialized unit under the RCMP federal policing program that "detects, investigates, and deters market fraud and works closely with the ASC to protect investors and further enhance confidence in Canada’s capital markets."
Anyone with information on the whereabouts of Fagundes or Elansin, or who suspects they are a victim of this scam is asked to contact IMET at 403-699-2434 or email: CalgaryIMET-EIPMFCalgary@rcmp-grc.gc.ca.
CTVNews.ca Top Stories
Cuban government apologizes to Montreal-area family after delivering wrong body
Cuba's foreign affairs minister has apologized to a Montreal-area family after they were sent the wrong body following the death of a loved one.
What is changing about Canada's capital gains tax and how does it impact me?
The federal government's proposed change to capital gains taxation is expected to increase taxes on investments and mainly affect wealthy Canadians and businesses. Here's what you need to know about the move.
Quebec nurse had to clean up after husband's death in Montreal hospital
On a night she should have been mourning, a nurse from Quebec's Laurentians region says she was forced to clean up her husband after he died at a hospital in Montreal.
'Anything to win': Trudeau says as Poilievre defends meeting protesters
Prime Minister Justin Trudeau is accusing Conservative Leader Pierre Poilievre of welcoming 'the support of conspiracy theorists and extremists,' after the Conservative leader was photographed meeting with protesters, which his office has defended.
Fair in Ontario, flurries in Labrador: Weather systems make for an erratic spring
"It's a bit of a complicated pattern; we've got a lot going on," said Jennifer Smith of the Meteorological Service of Canada in an interview with CTVNews.ca on Wednesday. "[As is] typical with weather, all of these things are related."
Boeing's financial woes continue, while families of crash victims urge U.S. to prosecute the company
Boeing said Wednesday that it lost US$355 million on falling revenue in the first quarter, another sign of the crisis gripping the aircraft manufacturer as it faces increasing scrutiny over the safety of its planes and accusations of shoddy work from a growing number of whistleblowers.
Police tangle with students in Texas and California as wave of campus protest against Gaza war grows
Police tangled with student demonstrators in Texas and California while new encampments sprouted Wednesday at Harvard and other colleges as school leaders sought ways to defuse a growing wave of pro-Palestinian protests.
Bank of Canada officials split on when to start cutting interest rates
Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month.
Northern Ont. lawyer who abandoned clients in child protection cases disbarred
A North Bay, Ont., lawyer who abandoned 15 clients – many of them child protection cases – has lost his licence to practise law.