A forensic accountant has testified that more than $1.1 million paid by alleged fraud victims flowed through dozens of bank accounts linked to former Moncton broker Daniel Bard, with no evidence the funds were ever returned. The testimony outlines years of complex financial activity tied to personal purchases, business payments, and mounting overdrafts.

A forensic accountant has provided detailed testimony in the ongoing fraud trial of former Moncton broker Daniel Bard, tracing approximately $1.1 million paid by alleged victims through a network of personal and corporate bank accounts, with no sign that any of the money was used to repay clients.

Roberta Sullivan, a certified fraud investigator working for the federal government, testified that she analyzed financial activity across 20 bank accounts belonging to Bard and his company, VM Venture Management, covering a six-year period between 2015 and 2021. Her analysis followed funds paid by business owners who believed they were securing access to large commercial loans that never materialized.

According to testimony, Sullivan was tasked by investigators to conduct a line-by-line review of bank statements and vendor records, ultimately producing a report exceeding 200 pages. She described the tracing process as complex, involving repeated transfers between accounts and payments to a wide range of recipients.

Several business owners previously told the court they paid Bard substantial upfront fees, believing the money would secure multimillion-dollar loans they would not need to repay. None of the witnesses said they received the promised financing or had their money returned.

Sullivan testified that in one case, a company paid Bard approximately $100,000 US in 2016. Within days, portions of that money were used to make payments to an auto dealership and other vendors. Additional deposits from other alleged victims were traced to payments made to former employees, travel expenses, real estate-related transactions, and luxury purchases.

In another instance, funds paid in connection with a proposed medicinal cannabis project were used to make payments to multiple individuals and entities, including Bard’s former fiancée and business associates. Additional tracing showed money moving to law firms, real estate companies, dealerships, and through cash withdrawals.

One alleged victim paid more than $600,000 in 2017, with Sullivan testifying that portions of those funds were later used for legal fees, personal purchases, and the acquisition of property. The court was shown cheques written to a law firm, including one connected to the purchase of a home.

Sullivan also testified that despite the steady flow of incoming funds over the years, both Bard’s personal and corporate accounts were consistently overdrawn. At the start of the tracing period, his personal accounts were already significantly in deficit. By early 2021, the combined overdrafts had increased further, with company accounts also in the red.

Bard faces 19 charges, including fraud, theft, and money laundering. His retrial began in January after an earlier trial ended in a mistrial due to his lawyer’s withdrawal for health reasons. Crown prosecutors indicated they expect to complete their examination of Sullivan before the defence begins cross-examination.

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Originally published on Canadian Fraud News.