Police in Nova Scotia Friday announced numerous fraud charges against a former investment advisor.

Nova Scotia RCMP announced that they have charged two Ontario residents in relation to what they are describing as “a major investment fraud”.

Police said that Bruce Schriver, 54, has been charged with 28 counts of fraud exceeding $5,000. Additionally, Schriver and Melanie Schriver, 52, are jointly charged on one count of fraud exceeding $5,000 and one count of possession of property obtained by crime.

The allegations have not been proven. The accused are scheduled to appear in Halifax provincial court on December 9.

Police report that they received a complaint in August 2009. “The investigation determined 30 victims were defrauded of approximately $2 million dollars for non-existent business deals,” they say, noting that 28 of the 30 alleged victims were residents of Nova Scotia.

Schriver was banned for life and fined $200,000 by the Mutual Fund Dealers Association of Canada in February 2010 after the MFDA found that he had borrowed money from clients when he was licensed as a mutual fund rep and working for Select Money Strategies Inc.

Prior to the MFDA’s action in 2010, the Nova Scotia Securities Commission had accused Schriver in 2004 of improperly funnelling $2.7 million of client money to Portus Alternative Asset Management Inc., the Toronto-based hedge fund firm that was ultimately shuttered by regulators in 2005. Schriver’s case related to the Portus action was settled in 2006, with him agreeing to a two-year registration ban, a $12,500 fine and $6,000 in costs.