Clients and friends of a missing Victoria man are coming forward over fears the mutual fund dealer lost their savings – then left town.

Harold Backer, 52, who is also a former Canadian Olympic rower, told his wife last Tuesday he was going for a bike ride and hasn’t been seen since.

Port Angeles Police said they were almost certain a man seen cycling through the Washington state town in surveillance footage taken that same day is Backer.

Right before he vanished, Backer apparently sent a letter to some of his clients apologizing for losing them money.

His former rowing coach Boris Klavora told CTV News his account with Backer held about $850,000.

Klavora said he’s now worried much of his investment, which he was relying on for retirement, has disappeared as well.

“We got the story that Harold is gone and most likely everything on that paper is gone as well,” Klavora said. “We’ll just have to tighten the belt and be very, very careful with what we do with our money.”

But it’s not just the money that Klavora said he’s upset about.

“Betrayed friendship probably means more than the money aspect,” he said.

Adam Kreek, who knows Backer from rowing, said it’s possible his former friend may never come back.

“Maybe Harold’s going to have his Shawshank Redemption money, he’s going to show up in Mexico," Kreek said.

Two other families who spoke with CTV News said they also lost money investing with Backer.

One man who wanted to remain anonymous said he was a very close personal friend and thought of Backer as a son.

He said he’s very angry and shocked and has since hired a lawyer, saying he's concerned for his financial future.

Victoria Police declined to comment on specific allegations against Backer, instead saying the department is looking at all circumstances surrounding his disappearance – including his financial affairs.

Backer, a fixture in the Brentwood rowing community, rowed for Canada in the 1984, 1988 and 1992 Summer Olympics.

Anyone who sees him or knows of his whereabouts is asked to call police at 250-995-7654.

With a report from CTV Vancouver Island's Robert Buffam