The mutual fund company that a missing 52-year-old Mill Bay man represented before he disappeared on November 3rd, now says it has terminated his registration as an investment dealer pending a fraud investigation.
Investia Financial Services says it’s contacted all of Backer’s clients that were holding any of the company’s funds, and that money is secure. However, several of the clients had other investments with Backer.
It also says Backer did not properly follow the company’s policies and procedures about disclosing outside business activities.
As well as its own internal investigation, it’s cooperating with securities regulators, the Victoria Police Department and authorities in Washington State on their investigations.
Police say there’s been no sign of Backer since he got off a ferry in Port Angeles on the third.