The Royal Canadian Mounted Police have charged the president of a foreign exchange trading company after allegedly misappropriating more than $10 million in investor funds, the RCMP said in a news release.
The accused, a 41-year-old Mark Douglas Alexander, formerly associated with Edmonton-based Canadian Wealth Strategies (CWS) Capital, faces charges including fraud over $5,000, money laundering, and possession of property obtained by crime.
The former company represented itself as a foreign exchange trading business operating on an international scale.
According to the RCMP, more than $10 million in investor funds were transferred from company accounts to others under the control of the accused. Portions of the funds are also alleged to have been moved into cryptocurrency exchanges.
The RCMP credited the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) for providing financial intelligence that supported the investigation.
A Canada-wide warrant has been issued for Alexander’s arrest.
