Former mortgage investment company operator pleads guilty in $5.3 million scheme

The former operator of a mortgage investment company in Ontario pleaded guilty to charges of fraud and distributing securities without filing a prospectus, in connection with an investment scheme that raised about $5.3 million.

Ian Ross Maksifni, formerly residing in the city of Ancaster, raised funds from nearly 30 investors in Ontario through the company «Altmor Mortgage Investment» during the period from May 2015 to May 2019.

Maksifni managed the company and directed its operations, while investors believed their money would be used to finance mortgages and other loans secured by real estate.

However, the company did not establish a large portfolio of mortgages or real estate-secured loans, despite executing a limited number of legitimate lending transactions.

Most of the money was not invested as promised to the owners

The facts of the case showed that most of the money collected from investors was not used in the manner presented to them when the investment opportunity was offered.

Of the approximately $5.3 million raised by the company, about $3 million was returned to investors, but these payments were mostly funded by money obtained from other investors, rather than from the proceeds of the mortgages or loans that were supposed to be financed.

Maksifni also directed about one million dollars to pay credit cards and make payments to members of his family and relatives, using a mix of investor funds and other financial sources.

Thus, only a limited portion of the funds remained linked to actual loans or real estate investments, contrary to the image presented to the people who invested their money in the company.

Plea to two charges under the Securities Act

Maksifni pleaded guilty to committing fraud, along with distributing securities without filing a prospectus, in violation of the Securities Act in Ontario.

The prospectus provides investors with essential information about the company, the investment, and the associated risks, unless a specific legal exemption applies to the distribution process.

The guilty plea reflects the transition of the case from the liability proof stage to the sentencing determination stage, after the violations on which the case was filed were proven.

Upcoming session to set the date for sentencing hearings

The case is scheduled to return to a court in Toronto on September 8, 2026, where the prosecution and defense are expected to set a date to present their sentencing arguments.

During the sentencing determination phase, both parties will present their positions regarding the appropriate penalty before the court issues its final decision in the case.

The amount of the penalty that may be imposed on Maksifni remains undetermined, as the hearings dedicated to this stage of the judicial process have not yet begun.

The case highlights the risks associated with investments not traded on public markets, especially when investors’ trust relies on assurances that their money will be used in assets or secured loans, without an actual investment portfolio matching those assurances.

The guilty plea, time period, number of investors, distribution of funds, and date of the next session were verified from the official regulatory statement and specialized coverage of the case.