A Toronto-based investment advisor defrauded clients for years before his suicide last November, according to documents filed in Ontario Superior Court. Rae Cowan had worked as a mutual fund salesman at IPC Investment Corporation for 10 years and also, unknown to IPC, ran a private investment firm named Gibraltar Wealth Management. IPC's compliance manager told the court that Mr Cowan had defrauded more than 20 clients out of at least $5.3 million over several years and had forged documents and used offshore bank accounts to cover his tracks. According to court documents, Mr Cowan told clients he invested their cash in funds managed by Bahamas-based Indigo Fund Management. But when IPC's lawyers contacted Indigo, it had never heard of Mr Cowan. Indigo had so many calls from Ontario residents that it reported the matter to the Bahamian Securities Commission. Mr Cowan is understood to have been engaged in "highly speculative foreign currency trading" because documents retrieved from one of his computers showed a client application to trade derivatives through Internaxx Bank in Luxembourg. He also had an account in Belize "that may have been used to perpetuate his fraud."