Ian Ross McSevney Pleads Guilty to C$5.3 Million Investment Fraud in Ontario

According to the Ontario Securities Commission on July 15, Ian Ross McSevney pleaded guilty to fraud and illegally distributing securities through Altmore Mortgage Investment Corporation, which raised approximately C$5.3 million from around 30 Ontario investors between May 2015 and May 2019.

The OSC said investors were told their funds would finance mortgages and real estate loans, but most of the C$5.3 million was not invested as represented. Approximately C$3 million was repaid to investors using money from newer investors rather than investment returns, while approximately C$1 million was directed toward credit card payments and family members. McSevney's case will return to court on September 8, 2026, for sentencing submissions.