Denied remote trial, man pleads guilty

An Ontario man who moved to the United Kingdom after being charged with investment fraud has pleaded guilty, but only after a court denied his request to appear at trial remotely.

Ian Ross McSevney faced charges brought by the Ontario Securities Commission (OSC) in 2025. He was accused of one count of fraud and one count of distributing securities without a prospectus. The case centered on a mortgage investment scheme that ran between May 2015 and May 2019.

Investors put up millions

According to the OSC, McSevney raised about $5.3 million from investors in Ontario.

The money was supposed to go into mortgages and other real estate secured loans through his company, Altmore Mortgage Investment Corp.

Regulators alleged that most of the money was used to pay back earlier backers, a hallmark of a Ponzi-like structure. Some funds were diverted for personal expenses, the regulator said.

“Despite presenting itself as a mortgage investment corporation, Altmore did not establish a significant portfolio of mortgages or real estate secured loans,” the regulator stated in its allegations. “While some legitimate loans were arranged, most investor funds were not invested as represented.”

Remote trial request denied

McSevney, who previously lived in Ancaster, Ont., moved to the U.K. after the charges were filed. Earlier this year, he asked the Ontario Court of Justice to let him be tried remotely from abroad.

The court refused.

It noted that McSevney chose to leave Canada while knowing he was facing criminal charges. The judge ruled that it was “in the interests of justice” to hold the trial in person, particularly because McSevney was representing himself.

Operating remotely, the court found, would make it harder for him to get technical and legal help during the proceedings.

It’s a situation that mirrors some legal fights seen since the pandemic.

Courts became more comfortable with virtual appearances — but also more wary of defendants using distance to avoid the full weight of an in-person proceeding.

On Wednesday, the regulator announced that McSevney had pleaded guilty to both the crime and distributing securities without a prospectus. His case is scheduled to return to court on Sept. 8 in Toronto, where a date for sentencing submissions will be set.

“Mr. McSevney raised millions from investors for what was presented as a mortgage investment corporation but most of those funds were not invested as promised,” said Bonnie Lysyk, executive vice president of enforcement at the OSC, in a statement. “This has no place in Ontario, and this outcome reinforces our commitment to protecting the integrity of our capital markets.”