The RCMP Integrated Market Enforcement Team is charging a couple that allegedly operated a day trading scam in Alberta and British Columbia.
Police said that Canada-wide warrants have been issued for Fernando Honorate de Silva Fagundes, 65, and Emilia Alas-As Elansin, 40, on charges of fraud over $5,000, theft over $5,000 and money laundering. Currently, their whereabouts are unknown.
The RCMP team said the charges follow a complex investigation that uncovered a scheme that allegedly defrauded investors out of approximately $1.3 million.
“Fagundes portrayed himself as a day-trading expert and used an investment course operated under another company of his, Day Trading Coach Inc., to approach victims with investment opportunities later determined to be fraudulent,” police alleged.
Investors in both Alberta and B.C. purportedly provided funds to Fagundes through his firm, Family First Dynasty Inc., believing that he would trade their money in the stock market. Instead, police alleged that he took the money for his own purposes. Elansin allegedly administrated the companies.
“Fagundes is believed to have committed similar frauds in Portugal, the United States, Saskatchewan, and Ontario,” police said.
In 2013, the Ontario Securities Commission permanently banned Fagundes (a.k.a. Henry Roche), based on the findings of a U.S. court, which accepted the allegations of the U.S. Securities and Exchange Commission charging that he operated a Ponzi scheme in the U.S.
The RCMP said that, this time, Fagundes allegedly operated under the alias Jovan Cavallon and Elansin used the name Janelle Cavallon.