Convicted fraudster accused of cheating clients of $240K and defying lifetime trading ban

A Calgary man who was already under a lifetime trading ban for bilking investors out of $240,000is accused of continuing to commit fraud and launder money while fighting the earlier charges.

In 2012, Neil Andrew McDonald was convicted of fraudulently raising $240,000 from investors.

Two years later, he was permanently banned from trading in securities and ordered to pay restitution. The next year he was sentenced to two years in jail.

• Neil Andrew McDonald sentenced to 2 years for securities fraud

Following an investigation by the Joint Serious Offences Team (JSOT) a collaboration among the Alberta Securities Commission (ASC), Alberta RCMP the Crown Prosecution Service McDonald was charged this week with the seven new Criminal Code charges.

It's alleged McDonaldfraudulently raised about $240,000 from seven different investors from October 2012 to July 2015, while he was involved in court hearings on the previous charges.

McDonald was first found to have violated Alberta securities law by fraudulently raising $439,000 from investors in 2009.

That prompted the ASC to ban him from trading or advising in securities for 15 years a ban McDonald was later found to have violated.

A bail hearing for McDonald has been set forFeb. 22.

This is the first arrest resulting from JSOT investigations in Alberta, the team said.

JSOT investigates and prosecutes quasi-criminal cases under the Securities Act and some securities-related criminal offences.

The group specifically targets repeat offenders, serious fraud and breaches of ASC or court orders and bans.

• MORE ALBERTA NEWS|2 suspects sought after dead teen's mementoes stolen from grieving mother
• MORE ALBERTA NEWS| Why these 2 small towns in southern Alberta have vastly different vaccination rates