Regulatory Alerts2026-07-15
Added · Updated
Ian McSevney pleads guilty in $5.3 million investment scheme
The Ontario Securities Commission announces that Ian Ross McSevney has pleaded guilty to fraud and distributing securities without filing a prospectus. McSevney, the sole directing mind of Altmore Mortgage Investment Corporation, raised nearly $5.3 million from approximately 30 Ontario investors between May 2015 and May 2019. The funds were not invested as represented, with about $3 million repaid to investors using funds from other investors and approximately $1,000,000 directed to credit cards and family members. The matter returns to court on September 8, 2026, for the parties to schedule a date for sentencing submissions.
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