Ont. broker charged with fraud released on bail
Investors worry that Bruce Elmore, whom police sought for 5 months, may be flight risk
A former eastern Ontario investment broker, who is charged with two counts of fraud and accused of bilking investors of millions of dollars, was released on bail Thursday in an Ottawa court.
Bruce Elmore, who was arrested Friday after police had been seeking him forfive months, was released on bonds of $55,000 in his first in-person court appearance.
The 59-year-old has been charged with two counts of fraud over $5,000, one count of failing to keep accounts as a trader and two charges under the Bankruptcy and Insolvency Act. His company Elmore Financial Services, based inKemptville, Ont., declared bankruptcy in 2002 while owing over $3 million.
A group of 40 people, mostly seniors, who had invested with the company lost savings up to $600,000 each. The investors claim they asked Elmore Financial Servicesto put the money into guaranteed investments (GICs) with a major bank, but it was instead invested in real estate and the stock market.
A warrant was issued for Elmore's arrest on March 17. He was not arrested untilfive months later, on Aug. 3, in Killaloe, Ont., about 145 kilometres west of Ottawa.
For his bail release on Thursday, Elmore gave a personal bond of $5,000, while his son Doug and Elmore's partner, Kathy Chan, each gave $25,000. If Elmore flees, the three will lose their money.
Also as a condition of his release, Elmore is not allowed to contact or associate with any former clients.
Former client fears Elmore a flight risk
Peter Bunn, one of Elmore's former investors, said the bond may not be enough to keep the investment broker in town.
"Doug and Kathy, I would be a little worried turning over control of my money to Bruce Elmore," Bunn said, citing the five-month disappearance.
"Nobody knew where he was. There were rumours he was still doing books for some people. There were rumours he was in British Columbia. There were rumours he was in Alberta. There were rumours he was in Australia. There were rumours he was in a country he couldn't be extradited from," Bunn said.
Elmore is due back in court in mid-September.