On April 4 the RCMP’s Provincial Financial Crime Team charged Marc St. Pierre, 52, of Calgary for fraud-related offences after embezzling millions of dollars from his clients while serving as a senior financial advisor.
Following a thorough investigation, the accused is alleged to have fraudulently withdrawn funds from client accounts and deposited them into bank accounts he personally controlled.
A total of 16 victims were identified in the Red Deer area and suffered a combined loss of nearly $5 million.
St. Pierre is charged with fraud over $5,000, and theft over $5,000.
St. Pierre is scheduled to appear in Red Deer Provincial Court on May 14.
“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. 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,” said Sgt. John Lamming, Provincial Financial Crime Team.
The Provincial Financial Crime Team is a specialized unit that conducts investigations relating to multi-jurisdictional serious fraud, investments scams and corruption.
