An elderly Saskatoon man has been charged with fraud after police investigated the former independent financial advisor for allegedly selling bonds that didn’t exist.
Saskatchewan’s Financial and Consumer Affairs Authority (FCAA) began looking at Vincent John Mullee, 69, and his business, Vince Mullee Financial Inc., in June 2018.
FCAA securities division staff alleged Mullee sold non-existent bonds to investors under the names of, among others, “BBS-Cameco 25 Year Bonds at 6.5 per cent,” “IAP Bond-EXC,” and “PGA TSX No. 50.”
Investigators allege Mullee spent investors’ money on personal and/or corporate expenses.
His registration as a dealing representative of an exempt market dealer was terminated on June 26, 2018.
Detectives with the Saskatoon Police Service (SPS) and Saskatoon RCMP said they identified 24 affected investors in Saskatchewan and British Columbia during their investigation.
The collective loss to investors exceeds $2 million, according to SPS.
Mullee was arrested on Nov. 13 and a search was executed at a home in the 300-block of McCormack Road.
He is facing charges of criminal breach of trust, fraud over $5,000 and laundering proceeds of crime.
Mullee is scheduled to make his second Saskatoon provincial court appearance on Nov. 28.