Mortgage broker charged in connection with financial elder abuse

Supported By:

Net Patrol International Inc.  Data Investigation and Forensic Services
Bankruptcy and Insolvency Trustees

Winnipeg (January 24, 2020) – The Manitoba Securities Commission (MSC) laid numerous charges against Manitoba mortgage broker, Bret Allan Dobbin, in connection with financial elder abuse. He is facing 18 counts in violation of The Securities Act and 36 counts in violation of The Mortgage Brokers Act over his dealings with a Winnipeg widow in her 80s. He allegedly defrauded her out of $534,237 between April 2016 and June 2017. In the aftermath of the charges, the MSC warned seniors to watch out for the red flags of financial abuse.

The Manitoba Securities Commission (MSC) charged a Manitoba mortgage broker for financial elder abuse. According to a press release from January 22, Bret Allan Dobbin is facing 18 charges in violation of The Securities Act and 36 charges in violation of The Mortgage Brokers Act over his dealings with a Winnipeg widow in her 80s.

Manitoba mortgage broker accused of financial abuse

The MSC received a report about Dobbin’s business with the Winnipeg woman. During an investigation, the MSC linked the 57-year-old mortgage salesperson to 18 separate transactions totaling $534,237 between April 2016 and June 2017.

Dobbin has worked for a Winnipeg mortgage broker since 2011 and is registered as a mortgage salesperson. However, his registration is currently suspended.

Read more: Financial abuse of elderly population remains a problem in Canada

Furthermore, this is not the first time Dobbin is involved in financial elder abuse. In 2002, Dobbin was terminated by Edward Jones Investments in relation to a theft from an elderly widowed client. Subsequently, as part of a settlement in 2006, he was banned by the commission from registration under The Securities Act for 10 years. To date, Dobbin is not registered under the Act.

54 charges for violating The Securities and The Mortgage Brokers Act

‘Our team was alerted about transactions involving Dobbin and a Winnipeg woman,’ says Jason Roy, Senior Investigator with the MSC. ‘Following an investigation, MSC staff concluded that Dobbin had violated both Acts.’

Dobbin has been charged with 18 counts in violation of The Securities Act, including trading in securities without being registered, and a further 36 counts in violation of The Mortgage Brokers Act, including acting as a mortgage broker and mortgage salesperson on his own behalf and failing to pay the registered broker with whom he was registered.

The red flags of financial abuse

The MSC takes the numerous charges against Dobbin as an opportunity to warn seniors of financial abuse. The commission informs elderly citizens about senior frauds on their website. Particularly, they educate the public about the red flags of financial abuse and advises to watch out for social isolation or withdrawal, dependence on another for financial support, substance abuse or misuse, depression or mental illness, sudden change in appearance such as poor hygiene or weight loss, discrepancy between standard of living and financial assets, or an individual who is overly protective or controlling of the older person.

Anyone in Manitoba who believes they have been targeted by any type of investment fraud attempt, including senior financial abuse is advised to contact the MSC’s anti-fraud line at 1-855-FRAUD-MB.