The Integrated Market Enforcement Team (IMET) of the Royal Canadian Mounted Police (RCMP) of Alberta, Canada has charged Jeffrey Ber, a Calgary-based financial advisor, for a multi-million-dollar fraud and secret commission.
The RCMP received a referral from the Alberta Securities Commission (ASC). Thereafter, an investigation revealed that Ber conducted unauthorized trades in his clients’ accounts without their knowledge. He also downgraded their accounts without seeking consent from them or informing them. Moreover, Ber a company provided Ber with a secret commission to have him place its shares into his clients’ portfolios.
As such, the authority has charged the 38-year-old Ber with two counts of fraud over $5,000 and one count of secret commission. Ber’s case will be heard in Calgary Provincial Court on July 19, 2021.
Source: Royal Canadian Mounted Police