Disciplinary proceedings have been launched against former Victoria mutual fund dealer and Olympic rower Harold Backer.
The Mutual Fund Dealers Association of Canada is looking into allegations that the 54-year old engaged in conduct contrary to its rules and policies.
It is also alleged that Backer has failed to cooperate with an investigation into his conduct by MFDA staff since his return to Canada in April.
The allegations include:
Between May 15, 2002 and November 17, 2015, Backer failed to repay or otherwise account for approximately $1,230,712 that he solicited from at least 6 clients and 2 individuals to invest in a fictitious mutual fund.
Between May 15, 2002 and November 17, 2015, Backer fraudulently induced at least 10 clients and 5 individuals to invest in non-existent mutual funds.
And that, commencing June 28, 2017, Backer failed to cooperate with an investigation into his conduct by Staff of the MFDA.
The first hearing is scheduled for October 19th in Vancouver.
Backer disappeared in November 2015 after telling his family he was going for a bike ride.
He was missing for nearly 18 months before he turned up at Victoria Police Department Headquarters in April and turned himself in.
He also faces two criminal charges of fraud over $5000
Backer is free on $50,000 bail.
Ben O'Hara
