Alberta senior charged for allegedly stealing $5M from investors

The RCMP logo is seen on a podium ahead of a news conference, in St. John's, on June 24, 2023. THE CANADIAN PRESS/Adrian Wyld

By Cole Fortner

Posted June 2, 2025 5:08 pm.

Alberta RCMP says an 86-year-old man has been charged in connection with a lengthy fraud investigation.

Mounties say on July 26, 2018, they received a complaint of a fraud where a man allegedly was looking for funds for an investment from local professionals.

Over seven years, investigators from Strathcona County were able to determine that several victims had invested around $5 million in total. Mounties note that there was no return of product or funds to the victims; however, the investments were being used for personal use.

On May 13, 86-year-old Allan Magneson from Sherwood Park was charged with five counts of fraud over $5,000 and laundering proceeds of crime.

He has since been released and is expected to appear in court on June 25.

Submit a Correction

Accessibility Feedback

Top Stories

Alberta Next panel holding its second event in Edmonton

Alberta Premier Danielle Smith and her panel of appointees will hear from another town hall Wednesday on the province's game plan to push back against the federal government. The first Alberta Next...

56m ago

Edmonton-based ceremonial mounted army troop guarding London

Just over a month after King Charles expressed his support for a "strong and free" Canada in a visit to Ottawa, Canadian soldiers are staffing the ceremonial mounted troop which guards the official entrance...

53m ago

Statistics Canada says income gap hit record high in first quarter

OTTAWA — Statistics Canada says the income gap between the country's highest and lowest income households reached a record high in the first quarter of 2025. The agency says the difference in the...

1h ago

Smith, Alberta Next panel's first town hall hears support, calls for separation vote

Alberta Premier Danielle Smith and her hand-picked panel heard from several Albertans Tuesday who argued the only way to get the province a fair deal from Ottawa is to leave confederation.

2h ago

Top Stories

Alberta Next panel holding its second event in Edmonton

Alberta Premier Danielle Smith and her panel of appointees will hear from another town hall Wednesday on the province's game plan to push back against the federal government. The first Alberta Next...

56m ago

Edmonton-based ceremonial mounted army troop guarding London

Just over a month after King Charles expressed his support for a "strong and free" Canada in a visit to Ottawa, Canadian soldiers are staffing the ceremonial mounted troop which guards the official entrance...

53m ago

Statistics Canada says income gap hit record high in first quarter

OTTAWA — Statistics Canada says the income gap between the country's highest and lowest income households reached a record high in the first quarter of 2025. The agency says the difference in the...

1h ago

Smith, Alberta Next panel's first town hall hears support, calls for separation vote

Alberta Premier Danielle Smith and her hand-picked panel heard from several Albertans Tuesday who argued the only way to get the province a fair deal from Ottawa is to leave confederation.

2h ago

Most Watched Today

1:33

Edmonton developers push for south sprawl as new report shows city's costs and benefits

As infill continues to be a hot topic in Edmonton, developers at BILD Edmonton Metro released a report arguing the benefits of sprawl outweigh the costs to the municipality.

15h ago

2:31

Notley’s husband questions Smith’s ethics

The husband of former Alberta premier Rachel Notley says Danielle Smith is “full of it” after the current premier defended inviting her husband to government meetings about trains. Sean Amato reports.

15h ago

2:27

41% of Albertans stressed or anxious about finances: report

Alberta has the lowest taxes in Canada, but a new report suggests 4 out 10 people living here feel hopeless.

2:28

Neighbours hopeful closure of Southeast Edmonton drug house ends chaos

Residents living in Mill Woods are glad Alberta Sheriffs shuttered a notorious house, saying the Edmonton property was a magnet for drug use and suspect drug deals and stolen goods, causing havoc for the community.

2:24

Edmonton launching debit and credit tap payment pilot program to public transit system

Soon, paying to hitch a ride on Edmonton’s public transit system will be easier than ever. What stands between you and paying for a bus or LRT ride with your card?