Former investment advisor Paul Yoannou pled guilty to 15 counts of fraud over $5,000 and was sentenced to six years in prison at a Toronto courthouse on Thursday.
Between February 2006 and July 2011, Yoannou, a former advisor with Winnipeg-based Investors Group Inc., misappropriated more $11 million from 55 people, according to Mutual Fund Dealers’ Association of Canada documents.
Advisor misappropriated $11.6M from investors, MFDA alleges
MFDA documents state that Yoannou led both Investment Group clients and other individuals to believe that he was depositing their money in four different investment programs approved by Investors Group. In reality, Yoannou placed the money in a personal bank account.
As well, the MFDA is currently proceeding with a disciplinary case against Yoannou with a hearing panel scheduled for March 19, 2013.