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.
2025-02-11Ontario Securities Commission
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.