Two Alberta fugitives wanted on Canada-wide warrants since 2021 have been arrested in Ontario in connection with an alleged investor fraud involving nearly $5 million.

RCMP say Fernando Honorate de Silva Fagundes, 70, and Emilia Alas-As Elansin, 44, were taken into custody in Algonquin Highlands, Ont., with assistance from the Ontario Provincial Police. The arrests were made by the RCMP Federal Policing Northwest Region’s Integrated Market Enforcement Team in Calgary after what police described as an unrelated call for service.

According to investigators, the couple had been wanted on Canada-wide warrants issued in November 2021. Police allege that between January 2019 and December 2020, the two misappropriated nearly $5 million in investor funds through an Alberta-based day trading company. Investigators say the alleged conduct led to charges of theft, fraud over $5,000, and laundering the proceeds of crime over $5,000 against both accused.

The case highlights the long timelines that can accompany complex financial crime investigations, particularly where suspects are alleged to have moved between jurisdictions. Police say the pair had remained at large for years before being located in Ontario and returned to Alberta to face the charges.

In a statement released by RCMP Federal Policing Northwest Region, Supt. Stephen Reid said the Integrated Market Enforcement Team remains focused on pursuing those who victimize Canadians through abuse of the country’s capital markets system. He said the investigation continued well after evidence had been gathered and credited investigators with locating the accused and ensuring they were brought back to Alberta for court proceedings.

Investor fraud cases involving alleged misuse of funds can take many forms, including promises of trading expertise, high returns, or specialized investment strategies. In many cases, investors believe their money is being actively managed or invested on their behalf, only to later discover the funds were allegedly diverted, misused, or never invested as represented. Police and securities regulators routinely warn investors to be cautious of opaque investment structures, unregistered trading operations, and opportunities that rely heavily on trust without clear documentation.

Court appearances were scheduled in Calgary for both accused, with Fagundes set to appear on June 22 and Elansin scheduled for June 24.

The allegations against Fagundes and Elansin have not been proven in court.

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Originally published on Canadian Fraud News.