Achi news desk-
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 it is believed that Marc St. Pierre withdrew money from clients’ accounts and deposited them in his own bank accounts.
Officials say 16 victims have been identified in the Red Deer area and the combined losses are nearly $5 million.
St. was charged. Pierre on April 4 of fraud over $5,000 and theft over $5,000.
Police say while the financial loss is significant, the fact that the accused works for a bank damages the integrity of Alberta’s financial institutions.
“The investigation is an important reminder to all banking clients to regularly check their accounts for any suspicious activity and to notify their bank’s fraud prevention team,” said Sgt. John Lamming with the RCMP provincial financial crime team.
St. Pierre to be in court in Red Deer on May 14.
