Financial Trail Reveals Missing Funds in Ongoing Fraud Trial
A forensic investigator presented evidence Tuesday showing how Daniel Bard’s financial firm allegedly received approximately $1.1 million from clients without returning any funds. Court testimony revealed detailed accounting of how these payments were redirected to personal expenses and third parties.
Complex Financial Tracing
The forensic accountant, who spent months analyzing 20 bank accounts connected to Bard and his company VM Venture Management between 2015-2021, described the money trail as particularly complex. Analysis indicates client funds intended for business loans were instead diverted to unrelated expenditures.
Victims’ Funds Redirected
Business owners previously testified they paid Bard thousands for promised multimillion-dollar loans that never materialized. Financial records show these payments were redirected to:
- Automotive purchases including $28,000 to Campbell Auto Sales and $15,000 to BMW Moncton
- Real estate transactions through a law firm
- Motorcycle purchases at a dealership called Toys for Big Boys
- Payments to former employees and associates
- Travel expenses including $4,000 to Air Canada
Key Financial Findings
The forensic report identified several notable transactions:
- $628,000 from one client used for legal services and luxury purchases
- $172,000 from a medicinal cannabis project redirected to personal contacts
- $150,000 in international payments financing undisclosed ventures
Financial Collapse Revealed
Analysis shows Bard’s personal accounts began the tracing period $147,000 overdrawn. By February 2021, his personal accounts showed a $264,000 deficit while company accounts were overdrawn by $23,000. No evidence indicates any repayment to clients whose funds were allegedly misappropriated.
Ongoing Legal Proceedings
The defendant faces 19 criminal charges including fraud, theft, and money laundering. This retrial follows a mistrial declared when previous defense counsel withdrew for health reasons. Prosecutors expect to conclude their examination of financial evidence this week, after which defense attorneys will cross-examine the findings.
