The Ontario Securities Commission announced that Ian Ross McSevney has been charged under the Securities Act (Ontario) with fraud and a related offence. The OSC alleges that between May 1, 2015 and May 31, 2021, McSevney raised over CAD 5 million from investors by promising returns through his company, Altmore Mortgage Investment Corporation, and that a significant percentage of the funds was used for his personal benefit rather than operating a mortgage investment company. The charges include one count of fraud under section 126.1(1)(b) and one count of trading in securities without a prospectus as required by section 53(1). McSevney first appeared in court in January 2025 and is scheduled to appear next on February 20, 2025 at 11:30 a.m. at the Ontario Court of Justice in Toronto.
Ontario Securities Commission 2025-02-11
Ontario Securities Commission charges Ian Ross McSevney with fraud and illegal distribution linked to Altmore Mortgage Investment Corporation
The Ontario Securities Commission has charged Ian Ross McSevney with fraud and a related offence under the Securities Act (Ontario). McSevney allegedly raised over CAD 5 million from investors for Altmore Mortgage Investment Corporation, using a significant portion for personal benefit. Charges include fraud and trading in securities without a prospectus.