Financial Investigator Details Fund Misuse in Ongoing Fraud Trial
A forensic accountant testified Tuesday that approximately $1.1 million received by Daniel Bard’s financial firm from alleged victims shows no evidence of repayment. Roberta Sullivan presented findings during the ongoing fraud trial, detailing how funds flowed through 20 bank accounts linked to Bard and VM Venture Management between 2015-2021.
Victim Testimonies Allege Unfulfilled Loan Promises
Multiple business owners reported paying Bard thousands of dollars for promised multimillion-dollar loans that never materialized. The funds allegedly remained with Bard’s operations despite repeated attempts by victims to recover their investments.
Detailed Financial Tracing Reveals Spending Patterns
Sullivan’s 240-page analysis revealed that funds from alleged victims were diverted to various entities:
– $28,000 from HIL Group directed to Campbell Auto Sales
– $15,000 used for payments to BMW Moncton
– $6,000 from Davis and Dye corporation sent to former employee Brittany Brenner
– $4,000 allocated to Air Canada travel expenses
– Significant transfers to law firm Stewart McKelvey and real estate transactions
High-Value Purchases Identified
The investigation traced $628,000 from Phillippe Herbette to expenditures including motorcycle dealership Toys for Big Boys and real estate acquisitions through legal representatives. A separate $172,000 payment intended for a medicinal cannabis project allegedly funded payments to Bard’s ex-fiancée and business associates.
Financial History Shows Deepening Deficits
Bank records revealed Bard’s personal accounts were overdrawn by $147,000 when tracing began in December 2015. By February 2021, this deficit had grown to $264,000, while company accounts showed $23,000 in overdrafts despite substantial incoming payments.
Bard faces 19 criminal charges including fraud and money laundering in a retrial that began January 20 after his first trial ended in mistrial due to legal representation issues. Prosecutors anticipate concluding Sullivan’s testimony before cross-examination proceeds.
