Courtroom Hears Detailed Account of Alleged Monetary Misuse
A forensic accountant testified this week that roughly $1.1 million acquired by Daniel Bard’s former monetary agency reveals no proof of compensation to alleged victims. Detailed monetary tracing introduced in courtroom outlined how funds flowed via 20 financial institution accounts related to Bard and VM Enterprise Administration between 2015 and 2021.
Sufferer Funds Directed to Private Expenditures
Enterprise homeowners beforehand testified they paid Bard substantial charges for promised multimillion-dollar loans that by no means materialized. The forensic examination revealed funds from alleged victims had been diverted to varied private bills together with:
– $28,000 to Campbell Auto Gross sales inside 24 hours of receiving $100,000 from HIL Group
– $15,000 directed to BMW Moncton dealership
– $6,000 paid to a former worker of Bard’s agency from Davis and Dye company funds
– $4,000 used for Air Canada transactions
– A number of funds to regulation agency Stewart McKelvey, together with one linked to actual property acquisition
Numerous Cost Recipients Recognized
The forensic report detailed how Bard allotted $172,000 from a Miramichi-based firm towards funds to AB Group, his former fiancée Lucie Boucher, and former worker Brittany Brenner. One other $150,000 USD from Lamtrac World Inc. was partially directed to an financial improvement group, Boucher, and TP Downey and Sons.
A major $628,000 fee from Phillippe Herbette in 2017 allegedly funded transactions with Stewart McKelvey regulation agency, motorbike dealership Toys for Massive Boys, and different recipients in line with monetary data.
Monetary Downfall Evident by 2021
Financial institution data confirmed Bard’s private accounts started the tracing interval in December 2015 with a $147,000 overdraft, whereas firm accounts held simply $61. By February 2021, monetary positions had considerably deteriorated:
– Private accounts: $264,000 overdrawn
– Firm accounts: $23,000 overdrawn
The accused faces 19 felony expenses together with fraud, theft, and cash laundering courting again to 2022. The present proceedings symbolize a retrial after the preliminary case led to mistrial as a result of protection counsel’s health-related withdrawal.
Complete Monetary Tracing Offered
The forensic investigator described compiling a 240-page report via advanced evaluation of financial institution statements and vendor data. Whereas restricted to documented transactions between 2015-2021, the tracing allegedly reveals constant patterns of incoming sufferer funds being redirected to non-public accounts and third-party funds relatively than promised monetary providers.
Prosecutors concluded their direct examination of the forensic accountant Tuesday, with protection cross-examination anticipated to problem these monetary findings because the trial continues.
