A financial adviser from Orillia was arrested after Ontario Provincial Police alleged he had defrauded clients of more than $1.8 million.
Members of the OPP Orillia Major Crime Unit say an Orillia financial adviser is facing several charges, including defrauding the public and eleven counts of uttering a forged document contrary to the Criminal Code.
Kevin Douse, 40, from the Township of Severn, was arrested on April 24 following a 16-month-long investigation.
OPP alleged the local registered financial adviser defrauded some of his clients by requesting they provide intended investments by cheques made payable to him instead of the investment company.
In certain instances, police allege the accused falsified and forged investment and insurance paperwork to hide the misallocation of his victims’ funds.
“It is essential to confirm that your investment funds are being directed into the products you intended,” says investigating officer Det. Const. Rogan. “This means regularly reviewing your investment statements, whether by mail or through your secure online investment portal, and by keeping track of all transactions.”
Rogan warns that fraud can go undetected in many cases, particularly with vulnerable individuals.
“The OPP advises that a trusted family member or person regularly reviews these online accounts, especially for those who may not be tech-savvy, and always ensure you receive detailed documentation, receipts, and clear records for every investment decision,” Rogan said.
The total of the misallocated funds is suspected to be more than $1.8 million, police say.
Police warn there may be further alleged fraudulent acts by Douse against members of the public while he was working as a financial adviser.
He will appear at the Ontario Court of Justice in Orillia on June 10, 2025.
Police are asking anyone with any further information to contact Orillia OPP at 705-326-3536 or Crime Stoppers at 1-800-222-8477 (TIPS).