Alberta Securities Commission: Jordan McBean Sentenced to 7 Years for CA Fraud

• Jordan McBean was sentenced to 7 years in jail for his involvement in a $2 million fraudulent scheme; his conviction is currently under appeal.
• The scheme targeted 11 victims who were promised access to billions of dollars in financing, but ultimately lost millions in fees.
• McBean was found guilty of 12 counts of fraud over $5,000 under the Criminal Code.
• FINTRAC's financial intelligence played a crucial role in uncovering the scope of McBean's scheme.
• The case highlights the importance of inter-agency cooperation in combating complex financial crimes.

McBean was found guilty of 12 counts of fraud over $5,000 under the Criminal Code.

Jordan McBean, a Canadian individual, was sentenced to 7 years in jail for his involvement in a complex fraudulent scheme; his conviction is currently under appeal. The scheme targeted 11 victims who were promised access to billions of dollars in financing, but ultimately lost $2 million in fees that were charged by McBean. This staggering amount of money was allegedly collected from the victims under false pretenses, with no intention of providing the promised financing. As a result, McBean was found guilty of 12 counts of fraud over $5,000 under the Criminal Code.

The investigation into McBean's activities was a collaborative effort between multiple agencies, including FINTRAC, the Alberta Securities Commission, and the RCMP Federal Policing Integrated Market Enforcement Team (IMET). The recognition of FINTRAC's financial intelligence by these agencies played a crucial role in uncovering the scope of McBean's fraudulent scheme. This case highlights the importance of inter-agency cooperation in combating complex financial crimes. Furthermore, it demonstrates the Alberta Securities Commission's commitment to recognizing and utilizing valuable information from other regulatory bodies, such as FINTRAC.

The McBean case has significant implications for lawyers and financial professionals who must be aware of the Alberta Securities Commission's recognition of FINTRAC's financial intelligence. This development may set a precedent for future investigations and enforcement actions, emphasizing the importance of collaboration between regulatory agencies in addressing complex financial crimes. As such, it is essential for legal practitioners to stay informed about these developments and adapt their strategies accordingly.

Lawyers should be aware of the Alberta Securities Commission's recognition of FINTRAC's financial intelligence in this case, which may set a precedent for future investigations and enforcement actions.

Source: Original reporting via News release