Two men from Calgary, accused of defrauding investors of nearly $5 million more than six years ago, were arrested in Ontario’s cottage country last month. The federal RCMP’s integrated market enforcement team (IMET) in Calgary said the suspects, aged 70 and 44, were arrested in the Algonquin Highlands, Ont., by the Ontario Provincial Police (OPP) on May 26. Officials say the OPP’s Haliburton Highlands detachment was responding to an unrelated call for service, but a further investigation identified the fugitives. The pair, who have not been named by RCMP, were wanted on Canada-wide warrants issued in November 2021 in connection with an investigation into an Alberta day-trading company. It’s alleged they misappropriated nearly $5 million in investor funds between January 2019 and December 2020. IMET has charged each suspect with laundering proceeds of crime over $5,000, fraud over $5,000 and theft. “IMET is committed to conducting thorough and complex investigations against those who choose to victimize Canadians through the abuse of Canada’s capital markets system,” said Supt. Stephen Reid, officer in charge of the northwest region RCMP’s financial integrity and cybercrime unit, in a news release. “In this case, the investigation continued years after the evidence of offences had been secured. The dedication and investigative work of all those involved were instrumental in locating the accused and ensuring they are returned to face the charges before the courts.” The 70-year-old is expected to appear in the Alberta Court of Justice on Monday while the 44-year-old is scheduled to appear on Wednesday.
