Ex-broker charged with bilking clients out of $14M
John Alexander Allen appeared in court Wednesday
A former mutual fund salesman ,who allegedly cheated dozens of clients out of close to $14 million, appeared in a Nova Scotia court Wednesday to set preliminary court dates.
John Alexander Allen is charged with 21 counts of fraud, breach of trust and forgery.
His preliminary hearing will be held for four days in June of next year, but he'll also appear in court in December for a focus hearing.
In June 2011 Nova Scotia Securities Commission fined the former investment dealer more than $1 million for bilking dozens of clients out of their money — the largest fine in its history.
The commission said Allen's actions were "calculated, manipulative, dishonest and self-serving."
He was also ordered to cover the costs of the proceedings.
Allen worked for Keybase Financial in Truro for six months in 2007. Clients claimed he forged their signatures and placed their money in high-risk investments without their knowledge, and that ultimately resulted in losses.
Pam Osborne, from Stewiacke, said Allen managed her family's finances until she got a letter from a company he worked with saying he had been fired.
She told CBC News in January that Allen took advantage of their friendship and defrauded them out of their life savings. The financial adviser is believed to be living in Summerside, P.E.I.