Achi news desk-
RCMP have arrested a Calgary man accused of bilking clients out of millions of dollars while working as a financial advisor at ATB Financial in Red Deer.
According to the police, the man has been accused of fraudulently withdrawing money from his clients’ accounts and depositing it into bank accounts he personally controlled.
RCMP said a total of 16 victims have been identified in the Red Deer area and have suffered a combined loss of nearly $5 million.
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Police said they were alerted in August 2021 and began investigating in November of the same year.
“The ability of financial advisors to leverage their position to commit investment fraud and scams is a significant risk to the integrity of Alberta’s financial institutions,” said Sgt. John Lamming, a member of the Alberta RCMP provincial financial crime team.
“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.”
Mark St. Pierre, 52, faces several charges, including fraud and theft over $5,000.
He is scheduled to appear in court in Red Deer on May 14.
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