By Laine Mitchell (Twitter: @Laine_Mitchell)

Drayton Valley man charged with investment fraud

Aug 27, 2018 | 4:29 PM

A Drayton Valley man faces criminal charges after allegedly fraudulently raising $200,000 from six investors.

Shaun Wayne Howell has been charged with three counts of fraud and three counts of theft over $5,000, following an investigation by the Joint Serious Offences Team.

It is alleged that Howell fraudulently raised approximately $200,000 from six different investors between September 2013 and February 2015 in Red Deer.

Both Red Deer and Airdrie RCMP assisted in the investigation along with the Financial Transactions and Reports Analysis Centre of Canada

Howell is scheduled to appear October 26 in Red Deer Provincial Court.

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In 2016, Howell was fined $500,000 and given a permanent ban from registration as an investment dealer by the Investment Industry Regulatory Organization of Canada for breaching industry rules.

In the settlement agreement with the IIROC Howell admitted that between 2008 and 2015, while he worked for RBC Dominion Securities Inc. in Red Deer, he solicited nearly $700,000 from clients without the companys knowledge to invest in areas like initial public stock offerings.

Instead, he put the funds into his own bank account.

He paid about $290,000 to five of the clients for what he falsely claimed was a return on their investment, and gave one client with a falsified account statement.

Howell was fired from his job in 2015.

by Laine Mitchell (Twitter: @Laine_Mitchell)

Drayton Valley man charged with investment fraud

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