Toronto financial planner faces police calls amid failed loan guarantees, suspended certification

Local investors are escalating calls for a police investigation into Toronto financial planner Serguei Totrov, who they say has failed to honour personal guarantees on investment loans for years, leaving retirees without promised payments despite court judgements ordering repayment.

Totrov told investors working with him that loans he organized would be personally guaranteed with monthly interest payments. Margarita Nelyubova, the latest investor to come forward, says she and her husband invested using their entire retirement savings. While she received some interest payments, they stopped coming in May. Lada Vorobyova, who initially reported concerns last year, said Totrov keeps promising repayment but "nobody knows when and if it's going to happen in our lifetime."

At least two investors have obtained Ontario Superior Court of Justice judgements ordering Totrov to pay them back, yet neither has received a dime. Many investors have filed police reports, but Toronto Police would not confirm whether an investigation is open. "There have been no recent criminal charges laid by the Toronto Police Service against this individual," a spokesperson said.

Totrov's certification problems have deepened. FP Canada, an independent professional oversight organization, suspended his financial planning certification after receiving multiple complaints. The organization's Hearing Panel found reasonable grounds to believe a significant risk of harm exists. "Given Mr. Totrov's extensive disciplinary history, multiple complaints indicating a pattern of misconduct, and related civil proceedings suggesting widespread and ongoing harm," they suspended his certification.

When asked about his August promise to pay, Totrov did not respond to the latest request for comment. In July, he said the beneficiaries of the loans he organized stopped making payments. "I did not borrow these funds for my own benefit or personal use. The borrowed funds were advanced to and used by the borrowers, who received and spent the money." Investors say his last hope for justice rests with police. "This just makes us feel like we have a very weak law system," Nelyubova said. "He hurt so many people and nothing happened to him."