A former Red Deer investment advisor is facing fraud charges after allegedly embezzling nearly $5 million from 16 clients.
RCMP’s Provincial Financial Crime Team said charges were laid on April 4 against a former registered representative with the Red Deer branch of ATB Securities Inc.
“Following a thorough investigation, the accused is alleged to have fraudulently withdrawn funds from client accounts and deposited them into bank accounts he personally controlled. A total of sixteen victims were identified in the Red Deer area and suffered a combined loss of nearly $5 million,” said RCMP in a Thursday news release.
“The ability for financial advisors to leverage their position to conduct frauds and investment scams represents a significant risk to the integrity of Alberta’s financial institutions,” said Sgt. John Lamming of the Provincial Financial Crime Team. “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.”
The offences allegedly occurred between 2015 and 2021. ATB terminated St. Pierre’s employment in August 2021.
Calgary resident Marc St. Pierre, 52, has been charged with fraud over $5,000 and theft over $5,000.
He is due in Red Deer Court of Justice on May 14.
In 2022, the Investment Industry Regulatory Organization of Canada fined St. Pierre $1 million and permanently banned him from the industry and ordered him to return $4.8 million plus pay $100,000 in costs for allegedly defrauding investors.
The Provincial Financial Crime Team is a specialized unit that conducts investigations relating to multi-jurisdictional serious fraud, investments scams and corruption.