Listen Live

HomeNewsRCMP urge fraud victims to come forward

RCMP urge fraud victims to come forward

The Lloydminster RCMP are urging victims of fraud to come forward. This as a matter is before the court with a suspect facing three counts of fraud over $5000 as well as three counts of criminal breach of trust.

The suspect, Guy Edward Dudding, of no fixed address was an employee with Investors Group in Lloydminster. The case has been before the court dating back to August 2022.

The matter was last called on Mar. 21, 2023 and was again scheduled for Mar. 28 in Lloydminster Alberta provincial court.

The Mutual Fund Dealers Association of Canada in Dec 2021, sanctioned Dudding as follows:

- Advertisement -

· a permanent prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member

· a fine in the amount of $990,600

· costs in the amount of $20,000

Those fines remain outstanding at this time.

The MFDA documented five allegations as having taken place between June 2015 and the final matter commencing in March 2020. It detailed that $705,000 was received from clients by Dudding and that he failed to repay or account for $645,300.

The MFDA referred the file to the RCMP who started its investigation in 2019.

As of March 2023, the MFDA has indicated that Dudding has not appealed its sanctions. Also that Dudding has paid compensation to clients who complained to them.

The MFDA has since been consolidated with the Investment Industry Regulatory Organization of Canada to form the Self-Regulatory Organization of Canada or New SRO.

The New SRO is looking at a disgorgement initiative to compensate clients harmed by misconduct using monies recovered through fines.

- Advertisment -
- Advertisment -
- Advertisement -

Continue Reading