Prelim booked for man accused of stealing $200,000 from investors

By rdnewsNOW staff
March 12, 2019 - 10:10am

A preliminary hearing has been scheduled for a Drayton Valley man accused of defrauding investors of $200,000.

Shaun Wayne Howell is charged with three counts of fraud and three counts of theft over $5,000. He is to be in Red Deer provincial court for a prelim on Dec 9 and 10, 2019.

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

In 2016, Howell was fined $500,000 and was permanently banned from being 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 company's knowledge to invest in areas like initial public stock offerings. He instead put the funds into his own bank account. Howell paid about $290,000 to five of the clients for what he falsely claimed was a return on their investment, and priovided one client with a falsified account statement.

He was fired from his job in 2015.

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