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Former senior financial advisor charged with embezzling millions from Red Deer area residents


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News release from Alberta RCMP

Former senior financial advisor charged for misappropriating nearly $5 million from clients

On April 4, 2024, the RCMP’s Provincial Financial Crime Team charged a Calgary resident for fraud-related offences after embezzling millions of dollars from his clients while serving as a senior financial advisor.

Following a thorough investigation, the accused is alleged to have fraudulently withdrawn funds from client accounts and deposited them into bank accounts he personally controlled. A total of sixteen victims were identified in the Red Deer area and suffered a combined loss of nearly $5 million.

Marc St. Pierre, 52, a resident of Calgary, was arrested and charged with:

  • Fraud over $5,000 contrary to section 380(1)(a) of the Criminal Code; and,
  • Theft over $5,000 contrary to section 344(a) of the Criminal Code.

St. Pierre is scheduled to appear in Red Deer Provincial Court on May 14, 2024.

“The ability for financial advisors to leverage their position to conduct frauds and investment scams represents a significant risk to the integrity of Alberta’s financial institutions. The investigation serves as an important reminder for all banking clients to regularly check their accounts for any suspicious activity and to report it to their bank’s fraud prevention team.”

  • Sgt. John Lamming, Provincial Financial Crime Team

The Provincial Financial Crime Team is a specialized unit that conducts investigations relating to multi-jurisdictional serious fraud, investments scams and corruption.

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New surveillance teams led by the Alberta Sheriffs working with local police in rural communities

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More boots on the ground to fight rural crime

Rural crime continues to be a top concern among residents and businesses in rural Alberta, which is why Alberta’s government remains committed to addressing it through enhanced surveillance and other crime reduction initiatives. Alberta’s government invested $4.3 million for the Alberta Sheriffs to put more boots on the ground. This investment supported the establishment of two plainclothes teams – one in northern Alberta and one in southern Alberta – to support police in carrying out surveillance on criminal targets in rural areas.

Both teams are now fully staffed and operational, ready to fight crime in rural areas across Alberta. These rural surveillance teams will work to prevent crime, monitor agricultural theft and work in collaboration with local law enforcement to share intelligence and resources to keep Albertans and their property safe and secure.

“Criminals and organized crime are not welcome in Alberta. Full stop. The addition of two new surveillance teams will further support our law enforcement partners in stamping out criminal activity in Alberta’s rural areas. This is about supporting local investigations to address local crime in our smaller communities. Together, both teams will form another key component of Alberta’s efforts to combat crime and ensure Albertans feel safe at home and in their communities, regardless of where they live.”

Mike Ellis, Minister of Public Safety and Emergency Services

The Alberta Sheriffs have an existing surveillance unit that is part of the Alberta Law Enforcement Response Teams (ALERT) and focused mainly on serious and organized crime investigations. The new surveillance teams will fill a gap by helping rural RCMP detachments with local investigations.

“Through their specialized knowledge, training and experience, Alberta’s new surveillance teams are providing another important mechanism in the fight against crime in Alberta’s rural communities. Working in close collaboration with the RCMP and other policing agencies, their efforts will play a key role in gathering evidence and information that will help disrupt crime throughout the province.”

Mike Letourneau, superintendent, Alberta Sheriffs

“This announcement by the Alberta government and Minister Ellis is a positive step forward for the residents of Alberta, especially in rural areas. Targeting known criminals is a very effective way to reduce the level of crime taking place and will greatly assist the RCMP who have a vast area to police.”

Lance Colby, mayor, Town of Carstairs

“We are happy to hear about increased resources being allocated to assist our communities. Addressing rural crime is one of the top priorities of the Alberta RCMP, and our partners at the Alberta Sheriffs already play a vital role in keeping Albertans safe. The creation of these new surveillance teams will help augment our ongoing crime reduction strategies in Alberta communities, and we look forward to working with them going forward.”

Trevor Daroux, assistant commissioner, criminal operations officer, Alberta RCMP

The new surveillance teams are part of a suite of measures to expand the role of the Alberta Sheriffs and make Alberta communities safer. Other actions include the expansion of the Safer Communities and Neighbourhoods (SCAN) unit – which uses legal sanctions and court orders to target problem properties where illegal activities are taking place – and the expansion of the RAPID Response initiative with funding for the Sheriff Highway Patrol to train and equip members to assist the RCMP with emergencies and high-priority calls.

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