After he was denied permission to be tried remotely, an Ontario man — who had moved to the U.K. — pleaded guilty in an alleged investment fraud case.
In 2025, the Ontario Securities Commission (OSC) charged Ian Ross McSevney with one count of fraud and one count of distributing securities without a prospectus in connection with a purported mortgage investment scheme.
The OSC alleged that between May 2015 and May 2019, McSevney raised almost $5.3 million from investors in Ontario, purportedly to invest in mortgages and other real estate secured loans through his company, Altmore Mortgage Investment Corp.
But rather than using their money as promised, the regulator alleged that most of the investor money went to repay other investors, and some was diverted to personal use.
“Despite presenting itself as a mortgage investment corporation, Altmore did not establish a significant portfolio of mortgages or real estate secured loans. While some legitimate loans were arranged, most investor funds were not invested as represented,” the OSC said.
After being charged, McSevney, who previously lived in Ancaster, Ont., moved to the U.K. And, earlier this year, he brought a motion before the Ontario Court of Justice seeking to be tried remotely.
The court denied that request, noting that he decided to move to the U.K., despite knowing he was facing charges in Canada.
Ultimately, the court ruled that it was “in the interests of justice” to hold the trial in person — particularly as McSevney was self-represented and operating remotely would impair his ability to receive technical and legal assistance from the court during the trial.
On Wednesday, the OSC announced that McSevney has pleaded guilty to fraud and distributing securities without a prospectus. The case is now slated to go back to court on Sept. 8 in Toronto to set a date for sentencing submissions.
“Mr. McSevney raised millions from investors for what was presented as a mortgage investment corporation but most of those funds were not invested as promised,” said Bonnie Lysyk, executive vice president of enforcement at the OSC, in a release.
“This has no place in Ontario, and this outcome reinforces our commitment to protecting the integrity of our capital markets.”