Former clients of Orillia-area financial advisor accused in $2M fraud investigation speak out

Former clients of a Severn Township man say they lost their savings in an investment fraud.

Several former clients of a Severn Township man charged in a $2 million alleged fraud scheme, say they feel betrayed and financially devastated by someone they trusted to invest their money.

One individual, who CTV News will not be identifying, said they were defrauded by Kevin Douse of substantial investments that were meant for retirement.

“I’m crushed that he would do this to me, that he would do this to anybody,” they said. “The feeling of betrayal and heartbreak has devastated me.” The individual said they’ve been left with no choice but to work two jobs to manage daily expenses.

Provincial police allege Douse was involved in forging documents and fraudulent signatures as part of a scheme that impacted at least 14 people.

Multiple individuals who did not want to be identified told CTV News they believed Douse was investing their money legitimately and would never have suspected any wrongdoing.

“Not only losing my financial security but also losing somebody who I valued as a friend. It’s truly been horrible,” said one person.

Many said they had known Douse for years while he worked for a now-defunct downtown Orillia-based company called WLTH Inc.

Douse was arrested on April 24 in Orillia. He is charged with defrauding the public of funds over $5,000 and 11 counts of uttering a forged document.

It is alleged Douse defrauded clients by asking them to provide investment funds in the form of cheques made payable to him personally, rather than to an investment company.

Police allege Douse committed further acts of fraud while working as a financial advisor. Investigators claim he falsified financial documents to conceal how funds were being handled.

Several people confirmed to CTV News they came forward to police reporting similar irregularities.

Court records show Douse is currently named in at least eight civil suits in Barrie’s Superior Court of Justice, along with WLTH Inc. According to court documents obtained by CTV News, Douse is alleged to have committed the fraud between 2016 and late 2023.

“The sad part is if he just came to me and said, ‘I need to borrow money,’ I would’ve lent it to him. But he didn’t ask. He just took,” said one individual.

Douse is scheduled to return to a virtual courtroom in June. The allegations against him have not been tested in court.