Ontario Securities Commission sets out charges against Ian Ross McSevney

TORONTO, Feb. 11, 2025 /CNW/ - The Ontario Securities Commission (OSC) announced today that Ian Ross McSevney, formerly of Ancaster, Ontario was charged with fraud and a related offence under the Securities Act (Ontario) on December 5, 2024. 

The OSC alleges that between May 1, 2015, and May 31, 2021, McSevney raised over $5 million from investors, promising returns through his company, Altmore Mortgage Investment Corporation. The OSC further alleges that a significant percentage of the money obtained was used by McSevney for his own personal benefit rather than the operation of a mortgage investment company. 

These allegations led to the following charges: one count each of fraud, contrary to section 126.1(1)(b) of the Securities Act and one count of trading in securities without a prospectus as required by section 53(1). 

The accused first appeared in court on this matter in January 2025, at the Ontario Court of Justice, located at 10 Armoury Street in Toronto, Ontario. His next appearance will be on February 20, 2025, at 11:30 a.m. in Courtroom 202 in the same courthouse. 

This investigation was conducted by a team within the OSC Enforcement Division that investigates quasi-criminal and criminal offences related to securities, including the investigation of alleged recidivists.

Charges laid under the Securities Act are prosecuted by the OSC. Charges laid under the Criminal Code are prosecuted by the Ministry of the Attorney General. 

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at https://www.osc.ca.

Follow us on X 
Follow us on LinkedIn

SOURCE Ontario Securities Commission

For Media Inquiries: Andy McNair-West, [email protected]; For Investor and Industry Inquiries: 1-877-785-1555 (Toll Free), [email protected]