The Alberta Royal Canadian Mounted Police (RCMP) has laid against a Calgary-based financial advisor after investigating allegations of a multi-million-dollar fraud and secret commission.
“After an extensive investigation, Jeffrey Ber, 38, of Calgary, Alta., has been charged with Two counts of Fraud Over $5,000, contrary to Section 380(1) of the Criminal Code and One count of Secret Commission, contrary to Section 426(1)(a) of the Criminal Code,” the RCMP said in a statement.
The statement further added that the investigation followed a referral received from the Alberta Securities Commission (ASC) and revealed that Ber conducted trades in client accounts without their knowledge and without discretionary authority.
Ber downgraded clients’ accounts without their knowledge or consent, in some cases selling their blue chip stocks to purchase a publicly-traded penny stock, the statement said, adding that the investigation revealed that Ber received a secret commission from a company for his placement of its shares into his clients’ portfolios.
Ber is scheduled to appear in Calgary Provincial Court on Monday, July 19, 2021.
The statement also added that the Alberta RCMP IMET was able to successfully carry out this investigation in collaboration with the Forensic Accounting Management Group, Financial Transactions and Reports Analysis Center of Canada, Public Prosecution Service of Canada and Specialized Prosecutions of the Province of Alberta, as well as the ASC.