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Charges laid against Saskatoon investment dealer for fraud worth $2M

Saskatoon (November 19, 2019) – Saskatoon Police Service and Saskatoon RCMP laid charges against Vincent John Mullee, a former Saskatoon financial advisor, for a $2 million investment fraud. He allegedly sold non-existing bonds to 24 clients of his company ‘Vince Mullee Financial Inc.’ and spent their money on personal and, or corporate expenses. On November 13, he was arrested and charged with fraud as a result of a one and a half year investigation.

Update (July 22, 2020): Mullee was sentenced to five and a half years in prison by a provincial court in Saskatoon

The Saskatoon Police Service and Saskatoon RCMP started their joint fraud investigation against Vincent John Mullee and his business ‘Vince Mullee Financial Inc.’ in June 2018. The former independent financial advisor from Saskatoon allegedly sold non-existing bonds to his clients. Already on June 26, 2018, the 69-year-old, who had been contracted with WealthCo Inc. in Calgary, lost his registration as a dealing representative of an Exempt Market Dealer.

Then, on July 25, 2018, the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) issued a warning against Mullee. The Temporary Cease Trade Order has been extended twice ‘to continue to alert investors and as a further means of notification to the Respondents [Mullee and his firm]’.

The police and the FCAA allege that Mullee sold bogus bonds under the names ‘BBS-Cameco 25 Year Bonds at 6.5 per cent’, ‘IAP Bond-EXC’, ‘PGA TSX No. 50’, among others, to his clients. The investors apparently sent the money via his company. The authorities suspect that the money was spent on personal and, or corporate expenses.

‘Investors should never make a cheque payable to a financial advisor personally or to a financial advisor’s personal company, it should only be payable to the registered dealer or issuer of the securities,’ FCAA Acting Deputy Director of Enforcement Harvey White said. ‘Another warning sign of suspicious activity is a quick turnaround time. If someone is pressuring you to act fast or the deal will be gone, be cautious.’

The police identified 24 victims with a collective loss that exceeds $2 million. 13 of the defrauded investors were located in Saskatoon. The other identified victims were from Saskatchewan and British Columbia.

Mullee was arrested and charged with Criminal Breach of Trust, Fraud Over $5,000, and Laundering Proceeds of Crime on November 13. He appeared in Provincial Court on November 14 and is scheduled to appear again on November 28.

Anyone with information is asked to contact police or anyone who wishes to report information confidentially on this incident may contact D. Slenys at Investigation Counsel PC. Anyone who wishes to inquire fraud recovery information on their own case, or wishes to report fraud with whistleblower protection, please contact D. Slenys at 416-637-3151 or dslenys@investigationcounsel.com.