Ex-broker John Alexander Allen faces fraud sentencing
Former investment broker, accused of cheating clients out of $14M, pleaded guilty in June
The sentencing for disgraced investment dealer John Alexander Allen, who defrauded investors out of millions of dollars, has been postponed until Nov. 26 in Truro.
Allen, who was accused of cheating dozens of clients out of close to $14 million during a six-month period in 2007, was originally scheduled to be sentenced on Oct. 15.
In June, Allen pleaded guilty to four of the 21 counts of fraud he was facing when he worked for Keybase Financial Group. In the six months he worked there, he received nearly $600,000 in commissions.
Clients claimed he forged their signatures and placed their money in high-risk investments without their knowledge, and that ultimately resulted in losses.
In June 2011, the 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.