An Alberta man is accused of stealing millions of dollars from people who invested in his now-defunct wealth management firm.
The RCMP’s federal policing integrated market enforcement team (IMET) in Calgary has been investigations allegations of money laundering and fraud by the founder and president of Canadian Wealth Strategies (CWS) Capital.
The former Edmonton-based company represented itself as a foreign exchange trading business operating on an international scale.
CWS Capital appears to have ceased operating two years ago in April 2023, when it said as much in a cryptic post on its social media.
RCMP said the founder and president of the company is alleged to have misappropriated more than $10 million in investor funds, transferring money from CWS accounts to other accounts under his control.
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A portion of the stolen funds were moved into cryptocurrency exchanges, police said.
CWS Capital founder and president Mark Douglas Alexander, 41, is wanted on a Canada-wide warrant for laundering proceeds of crime, possession of property obtained by crime over $5,000, and fraud over $5,000.
On Sept. 9, Mark Douglas Alexander, 41, was charged with laundering proceeds of crime, possession of property obtained by crime over $5,000, and fraud over $5,000.
Alexander was described on CWS Capital’s accounts as the president and fund manager, whose interest in foreign exchange as an alternative investment started when he worked in banking.
“Fascinated by it, he devoted a ton of time to learning more and seeing how he could get it to benefit himself. The result of that was Canadian Wealth Strategies, which he founded in 2013. With a strong backing of friends and family, he launched the fund and has worked extremely hard to make it grow year after year,” a social media post about him stated.
Media reports a week after the company said it had closed indicate the founder had gone missing after living in the Dominican Republic for two years and was unreachable.
A Canada-wide arrest warrant has been issued for Alexander’s arrest.
RCMP IMET said it worked with the Financial Transactions and Reports Analysis Centre of Canada, Canada Border Services Agency and Passport Canada on the investigation.
IMET is a specialized RCMP unit that detects, investigates and deters market fraud. It works with the Alberta Securities Commission to protect investors and further enhance confidence in the Canada’s capital markets.
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