Saskatoon

Saskatoon investment dealer who allegedly sold fake bonds now facing criminal charges

Saskatoon investment dealer Vincent Mullee is charged with bilking local clients of millions by selling bonds that didn't exist.

Vincent Mullee charged with fraud over $5,000 and breaching public trust

Vincent Mullee is charged with four counts of fraud over $5,000 and four counts of breaching public trust. (CBC)

A former Saskatoon investment dealer banned last year for allegedly selling fake bonds is now facing criminal charges.

Vincent Mullee appeared in provincial court Thursday. He is charged with four counts of fraud over $5,000 and four counts of breaching public trust.

The Crown agreed to his release.

In July 2018, the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) issued a warning about Vince Mullee Financial Inc., which FCAA alleged was selling bonds that didn't exist.

Mullee worked as an independent financial adviser under contract with WealthCo Inc. in Calgary.

In a news release at the time, FCAA alleged a combined $2.1 million was taken from an estimated 13 investors. It was also concerned Mullee was still trying to solicit funds from other people.

"Investors should never make a cheque payable to a financial advisor personally or to a financial advisor's personal company," said FCAA Acting Deputy Director of Enforcement. "It should only be payable to the registered dealer or issuer of the securities."

Bryan Hnatiw said his elderly father was one of Mullee's victims.

The 82-year-old had met with Mullee, his long-time adviser, who pitched him on a 25-year bond from Cameco with an annual yield of 6.5 per cent, Hnatiw said.

Hnatiw's father had recently sold some farmland, so he wrote Mullee a cheque for $250,000. He found out later that the Cameco bonds did not exist.

About the Author

Dan Zakreski is a reporter for CBC Saskatoon.

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