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Calgary Financial Advisor Charged With Fraud, Investors Lose Millions

The Alberta RCMP Integrated Market Enforcement Team (IMET) has laid charges against  Calgary-based financial advisor Jeffrey Ber, (age 38), after investigating allegations of a multi-million-dollar fraud and secret commission.

After an extensive investigation, Ber, has been charged with the following:

  • Two counts of Fraud Over $5,000, contrary to Section 380(1) of the Criminal Code; and
  • One count of Secret Commission, contrary to Section 426(1)(a) of the Criminal Code.

The investigation followed a referral received from the Alberta Securities Commission (ASC) and revealed that Ber conducted trades in client accounts without their knowledge and without discretionary authority. Ber downgraded clients’ accounts without their knowledge or consent, in some cases selling their blue chip stocks to purchase a publicly-traded penny stock. The investigation revealed that Ber received a secret commission from a company for his placement of its shares into his clients’ portfolios.

Ber is scheduled to appear in Calgary Provincial Court on Monday, July 19th, 2021.

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