A nation-wide arrest warrant has been issued for a husband and wife, police allege, who are believed to be operating a million-dollar investment scam.
Issued by Alberta RCMP, police say the arrest warrant for Fernando Honorate de Silva Fagundes, 65, and Emilia Alas-As Elansin, 40, both of no fixed address, was issued following a complex investigation.
Police believe the two operated a fraudulent investment company, Family First Dynasty, in Millarville, Alta.
Alberta RCMP have published a YouTube video regarding the investigation.
Involved in the investigation was the RCMP’s Integrated Market Enforcement Team (IMET).
“IMET’s investigation uncovered a scheme that allegedly defrauded clients out of their finances and resulted in more than one million dollars lost by victims,” RCMP said in a press release.
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Police said Fagundes allegedly operated under the alias Jovan Cavallon, while Elansin used the name Janelle Cavallon.
“Fagundes portrayed himself as a day-trading expert and used an investment course operated under another company of his, Day Trading Coach Inc., to approach victims with investment opportunities later determined to be fraudulent,” said police.
RCMP said investors in Alberta and B.C. reportedly gave money to Fagundes, believing he’d make them a profit.
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“The investigation showed that Fagundes allegedly obtained approximately $1.3 million from victims and, rather than investing the funds, took the money for his own gains,” said police, noting that Elansin is believed to be responsible for managing Fagundes’ two companies.
Police also said Fagundes is believed to have committed similar frauds in Saskatchewan, Ontario, the U.S. and Portugal.
They added that the two have fled the Millarville area and their current whereabouts are unknown, but that they could be in B.C., and possibly in the Kelowna area.
Fagundes is described by police as being 5 feet, 9 inches and 200 pounds, with brown eyes and salt and pepper hair.
Elansin is described by police as being 5 feet, 2 inches and 160 pounds with brown eyes and black hair.
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Alberta RCMP said their investigation included collaboration from several organizations, including the Alberta Securities Commission, the Ontario Securities Commission and the U.S. Federal Bureau of Investigation.
If you have any information regarding the whereabouts of either Fagundes or Elansin, or suspect yourself to be a victim of this particular scam, you contact IMET at 403-699-2434 or the Calgary RCMP by email at CalgaryIMET-EIPMFCalgary@rcmp-grc.gc.ca.
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TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
