Manitoba man pleads guilty to defrauding widowed senior
A former Manitoba mortgage salesperson has pleaded guilty to defrauding a widowed senior out of hundreds of thousands of dollars for more than a year.
On Tuesday, Brett Allan Dobbin, 59, pleaded guilty to 18 counts of trading without registration under The Securities Act and another 36 counts under the Mortgage Brokers Act.
He was originally charged in January 2020 under both acts for 18 different transactions that totalled over $534,000 with the victim being a woman in her 80s. All the transactions happened between April 2016 and December 2017.
The Manitoba Securities Commission (MSC) said Dobbin acted as both the mortgage broker and mortgage salesperson on his own behalf and failed to pay the mortgage broker he was registered with.
Dobbin was also punished for a similar incident in 2006 involving another widowed senior and he was sanctioned for seven years.
A sentencing hearing will take place on Nov. 5.
The MSC is reminding people to be aware of senior financial abuse and said there are several warning signs to be aware of.
These include social isolation, dependence on another for financial support, substance abuse or misuse, depression or mental illness, sudden change in appearance such as poor hygiene or weight loss, a difference between the standard of living and financial assets, and someone who is overly protective or controlling of the senior.
If people think anyone is being targeted by an investment fraud, they are told to call the MSC.