Former financial advisor charged in $2M fraud scheme
Advocates say Canada should tackle wealth inequality by reinstating a tax on inheritances of more than $5 million,
A former Saskatoon financial advisor now faces charges after a joint investigation by the Saskatoon Police Service and the Saskatoon RCMP.
Vincent John Mullee, 69, is charged with criminal breach of trust, fraud over $5,000 and laundering proceeds of crime, police said in a news release.
The Financial and Consumer Affairs Authority of Saskatchewan alleged last year that Mullee and Vince Mullee Financial Inc. sold non-existent bonds to 13 investors for $2.1M and used the money for personal and corporate expenses.
A subsequent investigation was conducted by detectives with the SPS Economic Crime Section and RCMP Saskatoon Provincial General Investigation Section. Police identified 24 victims: 13 from Saskatoon and 11 from areas within Saskatchewan and British Columbia. The collective loss to victims exceeds $2 million, police say.
Mullee was arrested and charged on Wednesday and a search warrant was executed at a home in the 300 block of McCormack Road, police say.
He appeared in Saskatoon Provincial Court Thursday and is expected to make a second appearance on Nov. 28.