Financial Investigator Details Alleged Misuse of Investor Funds
A forensic accountant’s testimony this week revealed how approximately $1.1 million from alleged fraud victims flowed through the accounts of financial advisor Daniel Bard without evidence of repayment. Roberta Sullivan presented findings during Bard’s retrial in Moncton, detailing how client funds intended for loan agreements were diverted to unrelated expenditures.
Complex Money Trail Mapped Across 20 Accounts
Sullivan’s investigation analyzed transactions across 20 bank accounts linked to Bard and his firm VM Venture Management between 2015 and 2021. Several business owners testified during proceedings about paying Bard thousands for promised multimillion-dollar loans that never materialized. Bard faces 19 criminal charges including fraud, theft, and money laundering filed in 2022.
Funds Diverted to Personal Expenditures
The 240-page forensic report demonstrated how Bard allegedly redirected investor funds:
- $28,000 from HIL Group’s $100,000 deposit went to Campbell Auto Sales within 24 hours
- $15,000 from the same payment funded transactions at BMW Moncton
- $6,000 from Davis and Dye’s $25,000 investment was transferred to former employee Brittany Brenner
- $172,000 from a Miramichi company funded payments to Bard’s ex-fiancée and various businesses
- $628,000 from Phillippe Herbette financed law firm payments, motorcycle purchases, and real estate transactions
Mounting Financial Deficits
Financial records showed Bard’s accounts began the tracing period in December 2015 with combined overdrafts totaling $147,000. By February 2021, his personal accounts showed a $264,000 deficit while company accounts were overdrawn by $23,000.
Ongoing Legal Proceedings
The retrial commenced January 20 after the initial proceeding ended without verdict due to legal representation changes. Prosecutors concluded direct examination of Sullivan Tuesday, with defense cross-examination expected to challenge the financial analysis. No testimony has yet been heard from alleged victim Phillippe Herbette.
