A former Royal Bank of Canada investment advisor, who was hired by the bank despite a previous run-in with regulators, has been charged with two counts of criminal fraud, according to Toronto police.
Sergeant Ian Kennedy, who worked on the case in the force’s financial crimes unit, said Andre Vanier was arrested on July 13/2017 and charged under the Criminal Code with two counts of fraud over $5,000.
Mr.Vanier allegedly convinced clients of RBC to move some $200,000 into a “pooled fund” in order to invest in various retail properties across Ontario. But, it is alleged, “the pooled fund did not exist and that the monies were deposited into an account owned solely by Mr.Vanier and fraudulently diverted,” Sgt. Kennedy said.
The allegations have not been proven in court.