RCMP have arrested a Calgary man accused of embezzling millions of dollars from clients while working as a financial adviser at ATB Financial in Red Deer.
According to police, the man is 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 were identified in the Red Deer area and suffered a combined loss of nearly $5 million.
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Police said they were alerted in August of 2021 and began investigating in November that same year.
“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, a member of the Alberta RCMP’s 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.”
Marc 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.