Couple Returned to Alberta to Face Fraud, Theft and Money Laundering Charges

CALGARY — Two Alberta fugitives wanted on Canada-wide warrants since 2021 have been arrested in Ontario, bringing a nearly five-year search to an end in an alleged multi-million-dollar investment fraud investigation.

The Royal Canadian Mounted Police (RCMP) confirmed that Fernando Honorate de Silva Fagundes, 70, and his wife, Emilia Alas-As Elansin, 44, were taken into custody in Algonquin Highlands, Ontario, with assistance from the Ontario Provincial Police.

The arrests were carried out by the RCMP Federal Policing Northwest Region’s Integrated Market Enforcement Team (IMET) based in Calgary. Authorities said the couple was located following an unrelated police service call and was arrested without incident before being returned to Alberta.

According to investigators, the pair had been the subject of Canada-wide warrants issued in November 2021 following a lengthy financial crime investigation.

Police allege that between January 2019 and December 2020, Fagundes and Elansin misappropriated nearly $5 million from investors through an Alberta-based day-trading company. The alleged scheme is believed to have affected multiple investors and prompted an extensive investigation into the handling of client funds.

As a result of the investigation, both Fagundes and Elansin have been charged with theft over $5,000, fraud over $5,000, and laundering the proceeds of crime over $5,000.

The case attracted significant attention when authorities first announced charges and launched a search for the couple after they allegedly failed to appear before the courts.

RCMP officials emphasized that the arrests demonstrate the force’s ongoing commitment to pursuing complex financial crimes and holding suspects accountable, regardless of how much time has passed.

“IMET is committed to conducting thorough and complex investigations against those who choose to victimize Canadians through the abuse of Canada’s capital markets system,” said Superintendent Stephen Reid of the RCMP Federal Policing Northwest Region.

He noted that investigators continued their efforts long after evidence had been gathered, ensuring that those accused would eventually be brought before the courts.

“The dedication and investigative work of all those involved were instrumental in locating the accused and ensuring they are returned to face the charges before the courts,” Reid added.

Financial crime investigators often face challenges tracking suspects who move between provinces or attempt to avoid prosecution, making long-term investigations and inter-agency cooperation critical to successful enforcement efforts.

The arrests mark a significant development in a case that has remained active for several years and has involved allegations of substantial investor losses.

Fagundes is scheduled to appear before the Alberta Court of Justice in Calgary on June 22, while Elansin is expected to make her first court appearance on June 24.

The charges have not been proven in court, and both accused are presumed innocent unless and until proven guilty through the judicial process.

The case is expected to proceed through Alberta’s court system in the coming months as prosecutors present evidence related to the alleged investment fraud and money laundering operation.

Courtesy: CBC