A 58-year-old Lethbridge man has been charged with an alleged multi-million-dollar internal fraud.
In the fall of 2022, Lethbridge Police initiated an investigation after receiving a report of fraudulent activity involving four local businesses.
A lengthy and complex investigation by members of the Economic Crimes Unit determined between December 2014 and August 2019, nearly $3.5 million was allegedly embezzled or fraudulently obtained from the businesses for the personal gain of a male subject.
During that time, the man served as an accountant, partner, or held other positions within the companies that provided access to the businesses’ financial accounts and records.
Over the nearly five-year period, police identified numerous fraudulent transactions, including alleged forged documents, fraudulently obtained loans, and unauthorized transfers and deposits into personal accounts not associated to the businesses.
The investigation also uncovered evidence of money laundering.
On Oct. 13, the man was arrested without incident.
The man has been charged with alleged offences, including four counts each of fraud over $5,000, and one count of money laundering.
He was released on an undertaking with conditions and is scheduled to appear in court Nov. 10.
