Two Fugitives Arrested in Ontario in $5M Alberta Financial Crime Investigation

CALGARY — Two people who were wanted on Canada-wide warrants in connection with an Alberta financial crime investigation have been arrested in Ontario and returned to Alberta.

The RCMP Federal Policing Northwest Region’s Integrated Market Enforcement Team in Calgary says the arrests were made in Algonquin Highlands, Ont., with support from the Ontario Provincial Police.

The case involves allegations that nearly $5 million in investor funds were misappropriated through an Alberta-based day trading company between January 2019 and December 2020.

OPP located accused during unrelated call

According to the RCMP, OPP officers from the Haliburton Highlands Detachment responded to an unrelated call for service on May 26.

Further investigation led police to two individuals, 44 and 70, who were identified as the subjects of active Canada-wide warrants issued in November 2021.

Both were arrested without incident, remanded into custody and transported back to Alberta.

Charges stem from IMET investigation

The RCMP says the warrants are connected to an investigation by the Integrated Market Enforcement Team, known as IMET.

Each accused has been charged with:
Laundering proceeds of crime over $5,000;
Fraud over $5,000; and
Theft over $5,000.

The 70-year-old accused is scheduled to appear in Alberta Court of Justice in Calgary on June 22. The 44-year-old accused is scheduled to appear on June 24.

RCMP say investigation continued for years

“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 Northwest Region Financial Integrity and Cybercrime. Reid said the investigation continued years after evidence of the alleged offences had been secured, and that the work of investigators helped locate the accused and return them to court jurisdiction in Alberta.

The RCMP thanked the OPP, Ontario’s Ministry of the Attorney General, the Alberta Crown Prosecution Service’s Appeals and Specialized Prosecutions branch and the Alberta Sheriffs for their support.

Legal context: laundering proceeds of crime

Laundering proceeds of crime is covered under section 462.31 of the Criminal Code. The section applies when a person deals with property or proceeds with intent to conceal or convert them, knowing, believing or being reckless as to whether all or part of the property was obtained through a designated offence.

The maximum sentence is 10 years in prison if prosecuted by indictment. If the offence is committed for the benefit of, at the direction of or in association with a criminal organization, the maximum sentence is 14 years.

Legal context: fraud over $5,000

Fraud over $5,000 is covered under section 380(1)(a) of the Criminal Code. The section applies where a person, by deceit, falsehood or other fraudulent means, defrauds the public or any person of property, money, valuable security or a service. Where the value exceeds $5,000, the maximum sentence is 14 years in prison.

If the total value of the fraud exceeds $1 million and the person is prosecuted by indictment and convicted, the Criminal Code sets a minimum sentence of two years.

Legal context: theft over $5,000

Theft over $5,000 is covered under section 334(a) of the Criminal Code. Where the value of what is stolen is more than $5,000, the offence can proceed by indictment with a maximum sentence of 10 years in prison, or by summary conviction. Actual sentences depend on the evidence, the amount involved, the offender’s role, prior record, restitution, aggravating or mitigating factors and the circumstances accepted by the court.

Why this matters nationally

Financial crime investigations can take years and often cross provincial boundaries. In this case, the alleged investor losses began in Alberta, the warrants were issued in 2021, and the accused were located in Ontario in 2026.

For Thunder Bay and Northwestern Ontario, the case is a reminder that fraud and investment-related crime can affect victims across Canada, including people in smaller communities who may be approached online, through personal networks or through claims of high-return investment opportunities.

Investigators say financial crimes should be reported to local police. The Canadian Anti-Fraud Centre says victims and witnesses can also report fraud or cybercrime online or by calling 1-888-495-8501. The centre says local police investigate, while the CAFC supports law enforcement by maintaining a central repository of fraud information.

Presumption of innocence

None of the allegations have been proven in court. All accused persons are presumed innocent unless proven guilty in a court of law.