Oliver Folkard sentenced after guilty plea to fraud
For Immediate Release Enforcement OSC Before the Court
TORONTO – The Ontario Securities Commission (OSC) announced today that Oliver Folkard has been sentenced by Justice Philip Downes of the Ontario Court of Justice to eight months in prison and three years of probation after pleading guilty under the Criminal Code to Fraud over $5000.
Between January 2014 and February 2016, Oliver Folkard, his father, Rupert Folkard, and Joseph Goldfinger defrauded at least 14 people of approximately $155,000. As part of their scheme, Oliver Folkard presented himself as a Certified General Accountant who charged a fee to fix credit ratings and obtain lines of credit for his victims. Oliver Folkard never provided any of these services.
Oliver Folkard also encouraged victims to participate in a bitcoin trading investment through BMFC Financial Services Inc. An analysis of the company’s bank records showed that almost all investor funds were used primarily for the personal benefit of Oliver Folkard.
Earlier this year, Joseph Goldfinger pled guilty to one count of Fraud over $5000. Mr. Goldfinger received a suspended sentence and two years of probation.
Rupert Folkard, a Chartered Professional Accountant, passed away in September 2018 prior to trial.
“The OSC will continue to prosecute and seek jail time for people who prey on Ontario investors”, says Jeff Kehoe, Director, Enforcement at the OSC.
This investigation was conducted by Staff within OSC Enforcement that investigates quasi-criminal and criminal offences relating to securities including the investigation of alleged recidivists.
Quasi-criminal charges are prosecuted by the OSC. Charges laid under the Criminal Code are prosecuted by the Ministry of the Attorney General.
The OSC would like to acknowledge the assistance of the Ontario Provincial Police and the Ministry of the Attorney-General of Ontario in the successful investigation and prosecution of this matter.
To date, OSC Enforcement has pursued 46 quasi-criminal or criminal matters involving 65 accused.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair and efficient capital markets and confidence in the capital markets, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.gov.on.ca.
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