$1-million fraud at TD securities

TD bank manager charged for alleged fraud over six years

Police have arrested a manager at TD Securities for allegedly defrauding the company of almost $1 million over six years.

Police say the man set up a shell company called MRS Consulting Ltd. and invoiced the bank for services that never existed.

While employed by the bank, the man was a manager in the Trade Support Group for TD Securities, police say. He is alleged to have billed the bank his expenses as part of work he did with the made-up company.

Police believe the total amount defrauded is $921,310 over the six years. They say all of the money was accumulated by improper requests for TD bank drafts and fraudulent manual expense claims to TD.

Duane Sahadeo, 30, is charged with one count of fraud over $5,000 and uttering forged documents. He is to appear in court on Sept. 30.

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Posted: Sep 22 2016 10:44 am
Filed under: News