Husband and wife fraud suspects may be in Okanagan

A husband and wife from Alberta wanted on charges connected to a million-dollar investment scam are believed to be in B.C., and could be in the Okanagan, according to police.

Fernando Honorate de Silva Fagundes, 65, and Emilia Alas-As Elansin, 40, are accused of operating a fraudulent investment company identified as Family First Dynasty Inc. in Millarville, Alta.

Fernando Honorate de Silva Fagundes (Submitted photo/RCMP)

An investigation by the Alberta RCMP Integrated Market Enforcement Team (IMET) uncovered a scheme that allegedly defrauded clients out of their finances and resulted in more than one million dollars lost by victims.

The couple, who are on no fixed address, have been have been charged with the following:

• Fraud over $5,000 contrary to Section 380(1)(a) of the Criminal Code;
• Theft over $5,000 contrary to Section 334 of the Criminal Code; and
• Laundering the Proceeds of Crime contrary to Section 462.31 of the Criminal Code.
  Emilia Alas-As Elansin (Submitted photo/RCMP)

Canada-wide warrants have been issued for the pair.

Fagundes and Elansin have fled the Millarville area and their current whereabouts are unknown, but B.C. RCMP say they may be in the Kelowna area.

Fagundes allegedly operated his criminal activity under the alias Jovan Cavallon and Elansin under Janelle Cavallon. Fagundes portrayed himself as a day-trading expert and used an investment course operated under another company of his, Day Trading Coach Inc., to approach victims with investment opportunities later determined to be fraudulent.

Investors in both Alberta and British Columbia reportedly provided money to Fagundes through Family First Dynasty Inc., believing he would trade their finances in the stock market to make them a profit. The investigation showed that Fagundes allegedly obtained approximately 1.3 million Canadian dollars from victims and, rather than investing the funds, took the money for his own gains. Elansin is believed to be responsible for managing the administration of Fagundes’ two companies.

Fagundes is believed to have committed similar frauds in Portugal, the United States, Saskatchewan, and Ontario.