Alberta couple wanted in scam that bilked investors in 2 provinces of $1.3M

An Alberta husband and wife are wanted on Canada-wide warrants in connection with an investment scam that defrauded victims in Alberta and British Columbia out of $1.3 million, according to RCMP.

Fernando Honorate de SilvaFagundes, 65, and his wife, Emilia Alas-As Elansin, 40, have been charged with fraud over $5,000, theft over $5,000 and laundering the proceeds of crime, the RCMP said in a release on Wednesday.

An investigation by the Alberta RCMP's Integrated Market Enforcement Team (IMET) alleges that they operated a fake investment company called Family First Dynasty Inc. out of Millarville, Alta.

It's alleged that Fagundes presented himself as a day-trading expert and used an investment course operated under another company of his, Day Trading Coach Inc. to lure victims based in Alberta and British Columbiawith investment opportunities that later proved to be fake.

Investigators determined that the victims of the fraud paid$1.3 million, but it was never invested.

Fagundes went by the alias Jovan Cavallon and Elansin under Janelle Cavallon.

RCMPdon't know where thecouple is, saying they've left the Millarville area.

Anyone with information on the whereabouts of either Fagundes or Elansin or related informationis asked to contact IMET at 403-699-2434.

According to the Alberta Securities Commission (ASC),even the most sophisticated schemes usually present red flags butyou have to know what to look for.

Here are some things the commission says investors should be on the lookout for:

• Guaranteed high returns with no risk.
• Pressure to make a fast decision.
• Promises of tax-free returns.
• Requests to send money overseas.
• A vague company description, with little or no information about the management team.