Former MIC operator pleads guilty in $5.3-million scheme
The former operator of an Ontario mortgage investment corporation (MIC) has pleaded guilty to fraud and illegally distributing securities in connection with a $5.3-million investment scheme.
The Ontario Securities Commission said Ian Ross McSevney, formerly of Ancaster, Ont., raised nearly $5.3 million from approximately 30 investors between May 2015 and May 2019 through Altmore Mortgage Investment Corporation.
McSevney, who operated Altmore, pleaded guilty to fraud and distributing securities without filing a prospectus, contrary to Ontario securities law.
According to the OSC, investors were told their money would be used to fund mortgages and other loans secured by real estate. However, Altmore never established a significant portfolio of such investments.
While the company arranged some legitimate loans, the OSC said most of the money was not invested as represented. Of the approximately $5.3 million raised, about $3 million was returned to investors, typically using money obtained from other investors.
McSevney also directed approximately $1 million to credit cards, family members or relatives, with those payments funded through a combination of investor money and other sources, the regulator said.
“Mr. McSevney raised millions from investors for what was presented as a mortgage investment corporation but most of those funds were not invested as promised,” said Bonnie Lysyk, the OSC’s executive vice-president of enforcement.
The matter is scheduled to return to court in Toronto on Sept. 8, when the parties are expected to set a date for sentencing submissions.
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Last modified: July 21, 2026
