Ontario Provincial Police (OPP) have laid a dozen charges against a financial advisor accused of defrauding clients of more than $1.8 million, according to the Canadian Press.
The charges, announced after a 16-month investigation, involve allegations of fraud and the use of forged documents. Kevin Douse, of the Township of Severn, has been charged with defrauding the public and 11 counts of uttering a forged document. Douse was arrested Thursday, and the charges stem from his role in allegedly misallocating client funds through deceitful practices.
According to police, Douse instructed some of his clients to provide investment funds by cheque, made payable to him personally rather than the intended investment company. This diversion of funds, which amounted to roughly $1.8 million, was allegedly concealed through forged documents, including investment and insurance paperwork.
The investigation revealed that Douse's actions were not limited to a small number of clients, raising concerns that more individuals may have been impacted by the fraudulent activities.
Douse is scheduled to appear in court on June 10, 2025. As the investigation continues, police caution that additional victims may come forward as the scope of the fraud becomes clearer.
The case underscores the importance of vigilance for investors in ensuring their funds are directed appropriately. The OPP has issued a public advisory urging individuals to regularly review their investment statements and closely monitor transactions to verify that funds are allocated to the intended products. It said keeping track of investments and seeking professional advice, when necessary, can help mitigate the risk of falling victim to similar fraudulent schemes.
Authorities also recommended that investors consider using trusted third parties to help monitor accounts, especially for those who are not well-versed in financial matters or digital platforms.
