TORONTO, July 15, 2026 /CNW/ - The Ontario Securities Commission (OSC) announces that Mr. Ian Ross McSevney, formerly of Ancaster, Ontario, has pleaded guilty to fraud and distributing securities without filing a prospectus, contrary to Ontario securities law.

Mr. McSevney was the sole directing mind of Altmore Mortgage Investment Corporation (Altmore). Between May 2015 and May 2019, he raised nearly $5.3 million from approximately 30 Ontario investors. Investors believed that their funds would be used to invest in mortgages and other loans secured by real estate.

Despite presenting itself as a mortgage investment corporation, Altmore did not establish a significant portfolio of mortgages or real estate secured loans. While some legitimate loans were arranged, most investor funds were not invested as represented. Of the approximately $5.3 million raised, about $3 million was repaid to investors, typically using funds from other investors. Mr. McSevney also directed approximately $1,000,000 to credit cards, family members or relatives, though these payments were funded through a combination of investor funds and funds from other sources.

"Investors should expect that their money will be used as represented," said Bonnie Lysyk, Executive Vice President, Enforcement at the OSC. "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. This has no place in Ontario, and this outcome reinforces our commitment to protecting the integrity of our capital markets."

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

The charges in this case arise from an investigation by the OSC's Criminal Investigations & Prosecutions team, which is part of the Enforcement Division of the OSC. The team investigates securities-related fraud, market manipulation, and related misconduct, including the investigation of repeat offenders and those who breach Capital Markets Tribunal orders. Their primary objectives are to protect investors and enhance confidence in the Canadian capital markets through effective enforcement. Charges laid under the Securities Act are prosecuted by the OSC. Charges laid under the Criminal Code are prosecuted by the Ministry of the Attorney General.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at https://www.osc.ca.

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SOURCE Ontario Securities Commission