The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) was cited as having assisted an Ontario Securities Commission (OSC) investigation that resulted in Criminal Code charges against Seyed Mohammad Ali Nojoumi, Behnaz Samavat, and Amir Mostoufi, alleged to be the operating minds behind Smart Prime Group Inc. The individuals were charged with fraud over CAD 5,000 and possession of proceeds of crime. According to the OSC, Smart Prime claimed to be in the asset management business but neither it nor its operators were registered to sell securities in Ontario. The OSC alleges the group promised 28 investors their funds would be placed in individual trading accounts, but the money was instead routed to personal and unrelated third-party accounts, and used for personal expenditures and to pay other investors. The matter began as an OSC investigation into an affinity-related securities investment scheme in York Region and was completed in cooperation with the York Regional Police. Mostoufi and Samavat are scheduled to appear at the Ontario Court of Justice in Newmarket on January 8 and January 22, 2026. Nojoumi was arrested and charged and is being held for bail, with the next court date to be determined.
Financial Transactions and Reports Analysis Centre of Canada 2025-12-10
Financial Transactions and Reports Analysis Centre of Canada assists Ontario Securities Commission investigation that led to Criminal Code fraud charges against Smart Prime Group operators
FINTRAC supported an OSC investigation leading to charges against Seyed Mohammad Ali Nojoumi, Behnaz Samavat, and Amir Mostoufi for fraud over CAD 5,000 and possession of proceeds of crime. The OSC alleges Smart Prime Group Inc. misrepresented itself as an asset management firm, diverting investor funds for personal use. The investigation was conducted with York Regional Police, and court proceedings are scheduled for early 2026.