Harold Backer induced clients to invest in non-existent mutual funds
Investors bilked of more than $5 million in investment scheme to finance two start-up companies
The investor alert about investoneforme notes that there are certain “red flags” — and that the company is not registered to sell securities or derivatives in Alberta
Millions of dollars were raised from investors on promises of generating returns of between 5% and 30% for investments of between one and six months
Fraud victims of David Michaels to benefit from proceeds of the sale
Co-conspirators Daniel Potter and Blois Colpitts used multiple manipulative techniques to prop up the firm’s share price
Former president and CEO Daniel Potter and lawyer Blois Colpitts were found guilty in March
The company and several of its top executives defrauded investors and misled investigators in one of Canada’s largest corporate fraud cases
Ontario regulator issues warning to consumers
Harold Backer sentenced to 13 months in jail