Ancaster man pleads guilty in $5.3 million investment fraud
“Mr. McSevney raised millions from investors for what was presented as a mortgage investment corporation but most of those funds were not invested as promised,” Lysyk said. “This has no place in Ontario, and this outcome reinforces our commitment to protecting the integrity of our capital markets.”
McSevney’s matter returns to court on September 8, 2026, at 10 Armory Street in Toronto. The hearing will address scheduling for sentencing submissions.
What advisors should know
Mortgage investment corporations are a common exempt-market product in Canada. They pool investor capital to fund mortgage loans, typically on residential or commercial real estate.
They are not guaranteed investments. Returns depend on the quality of the underlying loan portfolio. As this case illustrates, investors must be able to trust that funds are deployed as promised.
Canadian financial advisors are increasingly on the front line of investor protection. Clients who participate in exempt-market products rely on their advisors to conduct proper due diligence before recommending any offering.
