The Ontario Securities Commission announced that Ian Ross McSevney, the former sole directing mind of Altmore Mortgage Investment Corporation, has pleaded guilty to fraud and distributing securities without filing a prospectus under Ontario securities law. The case centers on nearly CAD 5.3 million raised from about 30 Ontario investors between May 2015 and May 2019 for what was presented as a mortgage investment corporation investing in mortgages and other real estate secured loans. According to the release, Altmore did not build a significant portfolio of mortgages or real estate secured loans. While some legitimate loans were arranged, most investor money was not invested as represented. Of the roughly CAD 5.3 million raised, about CAD 3 million was repaid to investors, typically using money from other investors, and about CAD 1 million was directed to credit cards and to family members or relatives, funded through a combination of investor money and other sources. The matter returns to court on September 8, 2026, for the parties to schedule a date for sentencing submissions.
Ontario Securities Commission2026-07-15
Ontario Securities Commission secures guilty plea from former Altmore operator in CAD 5.3 million fraud and illegal securities distribution case
The Ontario Securities Commission said Ian Ross McSevney, former operator of Altmore Mortgage Investment Corporation, pleaded guilty to fraud and distributing securities without a prospectus. The case involved nearly CAD 5.3 million raised from about 30 Ontario investors, most of which was not invested as represented. The matter returns to court on September 8, 2026, to schedule sentencing submissions.