Concerns Rise Over Toronto Financial Planner’s Unfulfilled Investment Guarantees
A growing number of local investors are urging authorities to probe a Toronto-based financial planner over allegations of failing to honor investment loans he personally assured.
Serguei Totrov, the subject of a CityNews investigation earlier this year, had pledged to address overdue interest payments owed to investors by August. However, Margarita Nelyubova, one of the latest investors to speak out, revealed that she and her husband had invested their retirement savings in a loan facilitated by Totrov, only to see the promised interest payments cease.
Joining a chorus of dissatisfied investors, Nelyubova expressed frustration over unmet assurances from Totrov and emphasized the financial strain caused by the halted payments.
Despite a few investors successfully obtaining court orders for payments, many are still awaiting compensation and have reached out to law enforcement for assistance. While the Toronto Police Service has yet to confirm any ongoing investigations, concerns regarding Totrov’s financial practices persist.
In a separate development, FP Canada, an industry regulatory body, suspended Totrov’s financial planning certification following a series of complaints and disciplinary issues. The organization cited a risk of harm and a pattern of misconduct as grounds for the suspension.
As questions loom over Totrov’s accountability and the fate of investors’ funds, the financial planner has attributed the payment delays to borrowers defaulting on their obligations. Investors, including Nelyubova, have voiced their disillusionment with the legal system and are seeking justice through potential fraud investigations.
