'Most serious' financial crime targeted as RCMP and Alberta Securities Commission team up

The most egregious securities offenders — such as repeat offenders, serious fraudsters and those who breach court orders and bans — are the targets of a new partnership between the Alberta Securities Commission and the RCMP.

Securities offences increasingly tied to organized crime, officials say

Alberta Securities Commission chair Stan Madigan says lawyers will continue to prosecute quasi-criminal cases while the Alberta Crown Prosecution Service, Specialized Prosecution Branch will prosecute criminal charges resulting from the new unit's investigations. (CBC)

A new partnership has been created to crack down on white collar crime in Alberta, the Alberta Securities Commission and the RCMP have announced.

The Joint Serious Offences Team (JSOT) will help tackle the most serious securities offences — such as repeat offenders, serious fraud, and breaches of court orders and bans, police and ASC officials say.

"It will allow us to hopefully achieve penalties, like jail time up to 14 years, which previously we were not seeing," said ASC chairperson Stan Magidson.

Magidson says they've also been noticing more links between securities offences and organized crime.

"This collaboration helps safeguard Albertans from the most serious securities offences while deterring future offenders by prosecuting lawbreakers to the fullest extent," he said.

The ASC is the regulatory agency responsible for protecting investors and administering the province's securities laws.

He says collaboration with the RCMP should provide better access to provincial, national and international information and intelligence.

"It creates opportunities to act on live intelligence, avoid duplication of investigations and ensure cases are prosecuted in the most appropriate forum," said Insp. Allan Lai, Acting Officer-in-Charge of RCMP K Division, which is responsible for federal policing in Calgary.

The JSOT is comprised of investigators, forensic accountants, legal professionals and RCMP officers.