Ontario Securities Commission case advances in C$5.3 million investment fraud scheme

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Ontario investment fraud case

Highlights

Ian Ross McSevney pleaded guilty to fraud and distributing securities without a prospectus in the Altmore Mortgage Investment Corporation scheme involving about C$5.3 million.
Of the C$5.3 million raised by Altmore, roughly C$3 million was repaid to investors using other investors' funds, and about C$1 million was diverted to McSevney's credit cards or family members.
Sentencing schedule for McSevney's Ontario Securities Commission case will be discussed in court on September 8, 2026, at 10 Armory Street, Toronto.

Guilty plea in Altmore investment case

As announced by the Ontario Securities Commission, Ian Ross McSevney, formerly of Ancaster, Ontario, has pleaded guilty to fraud and to distributing securities without filing a prospectus, contrary to Ontario securities law.

McSevney was the sole directing mind of Altmore Mortgage Investment Corporation. Investors were told their money would be used for mortgages and other loans secured by real estate, but the OSC says Altmore did not build a significant portfolio of mortgages or real estate secured loans.

While some legitimate loans were arranged, most of the money was not invested as represented. Of the roughly C$5.3 million raised, about C$3 million was repaid to investors, typically using funds from other investors, and the OSC says McSevney also directed about C$1 million to credit cards, family members or relatives, funded through a mix of investor money and other sources.

Bonnie Lysyk, Executive Vice President, Enforcement at the OSC, says investors should expect their money to be used as represented and that the outcome reinforces the regulator's commitment to protecting the integrity of Ontario's capital markets.

Court timeline and enforcement implications

McSevney's matter returns to court on September 8, 2026, at 10 Armory Street in Toronto, where the parties are due to schedule a date for sentencing submissions.

The charges arise from an investigation by the OSC's Criminal Investigations & Prosecutions team, part of its Enforcement Division. The unit investigates securities-related fraud, market manipulation and related misconduct, while prosecutions under the Securities Act are handled by the OSC and Criminal Code charges are prosecuted by Ontario's Ministry of the Attorney General.

The OSC says its mandate includes protecting investors from unfair, improper or fraudulent practices and supporting fair, efficient and competitive capital markets. The regulator also urges investors to verify the registration status of any person or company offering an investment opportunity and to review materials available at OSC.

Our earlier report on Ontario’s Building Faster Fund funding for Belleville outlined how the province rewards municipalities that exceed housing targets, with infrastructure-linked payments such as the C$1.24 million allocation after the city outperformed its 2025 goal. We also noted the broader housing push behind these incentives, including measures to streamline development and reduce costs, alongside efforts to expand the skilled-trades workforce needed to deliver more housing and related infrastructure.

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