Ian Ross McSevney has pleaded guilty to fraud and illegally distributing securities after raising nearly $5.3 million from approximately 30 Ontario investors through a company presented as a mortgage investment corporation.

McSevney was the sole directing mind of Altmore Mortgage Investment Corporation, which raised investor funds between May 2015 and May 2019. Investors were told their money would be used to originate mortgages and other loans secured by real estate.

According to the Ontario Securities Commission, Altmore did not build the mortgage portfolio investors had been promised. While some legitimate loans were arranged, the regulator said most of the money was not invested as represented.

Approximately $3 million was repaid to investors, but those payments were typically funded with money contributed by newer investors rather than returns generated by mortgage lending. The OSC also said McSevney directed approximately $1 million toward credit card payments and transfers to family members and relatives.

McSevney pleaded guilty to fraud and distributing securities without filing a prospectus. The case is scheduled to return to court on September 8, 2026, when a date for sentencing submissions is expected to be set.

The post Ontario Man Pleads Guilty in $5.3M Mortgage Investment Fraud appeared first on Canadian Fraud News Inc. | Fraud related news | Fraud in Canada.

Originally published on Canadian Fraud News.