Couple accused in $5M investment fraud held over in Calgary court
Fernando Honorate de Silva Fagundes and Emilia Alas-As Elansin allegedly defrauded Alberta and B.C. investors via a day trading scheme.
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Two people accused of siphoning nearly $5 million from investors through a fraudulent day trading company appeared in Calgary court this week after being apprehended in rural Ontario.
Fernando Honorate de Silva Fagundes, 70, and Emilia Alas-As Elansin, 44, lived in Millarville for a time and have been wanted by police since 2021 following an investigation by an RCMP Integrated Market Enforcement Team. Police allege the couple took approximately $5 million from would-be investors between 2019 and 2020 via an Alberta-based day trading company.
The first reports came from the Millarville area and were made to police in Turner Valley. Police allege the couple defrauded people in Alberta and B.C. It's believed the duo left Millarville before warrants were issued.
Both are charged with laundering proceeds of crime over $5,000, fraud over $5,000, and theft. Police located them in Ontario on May 26 while responding to an unrelated call for service.
Fagundes remains in custody following a hearing on June 22 and next appears in the Alberta Court of Justice in Calgary on June 29. Elansin was previously released from custody; her June 24 hearing was adjourned, and she is scheduled to appear on July 7. Fagundes is believed to have been involved in similar incidents in Portugal, the United States, Saskatchewan, and Ontario.