A Calgary-based financial advisor is facing charges in what RCMP are calling a multi-million dollar fraud and secret commission.
Following an investigation, the Alberta RCMP Integrated Market Enforcement Team (IMET) alleged 38-year-old Jeffrey Ber conducted trades in his clients’ accounts without their knowledge or consent.
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IMET claims Ber downgraded some accounts, in some cases selling their blue-chip stocks to buy a publicly traded penny stock. The agency also alleges he was secretly paid to place a company’s shares into his clients’ portfolios.
Ber is charged with two counts of fraud over $5,000 and one count of secret commission.
He’s set to appear in Calgary provincial court on July 19.