(October 9) – Toronto’s fraud squad has repatriated and charged Toronto financial planner, Patrick Kinlin, with 54 criminal charges, accusing him of a $12 million fraud.
After successful extradition from the U.S. the police charged Kinlin, 54, with 27 counts of fraud over $5,000 and another 27 counts of theft over $5,000. Kinlin operated a fund dealer and insurance agency at 357 Bay St. between January 1, 1993 and June 14, 1999. Officers at 52 Division, which carried out the investigation and arrest, allege that Kinlin sold non-existent bonds and GICs to unsuspecting clients, diverting the money for his own use.
The scheme was uncovered when several investors began cashing in their portfolios earlier this spring, only to find that he couldn’t cover the cash requirements. Kinlin fled to the U.S. where he was later located by police. He is currently being held without bail, by his own consent, pending his trial. Kinlin will appear in court again next week. So far none of the clients’ money has been recovered.