Financial Records Reveal Missing Client Funds
New courtroom testimony has revealed that approximately $1.1 million received from alleged fraud victims by financial advisor Daniel Bard shows no evidence of repayment. Detailed forensic analysis presented this week traced funds through 20 bank accounts connected to Bard and his firm VM Venture Management between 2015 and 2021.
Victim Payments Redirected to Personal Expenses
Financial records indicate that business owners provided substantial payments to Bard in exchange for promised loan arrangements that never materialized. Forensic examination shows these funds were instead redirected to various personal and business expenses:
• $100,000 from HIL Group in 2016 was partially used for vehicle purchases at Campbell Auto Sales and BMW Moncton
• $25,000 from Davis and Dye beauty salon funded payments to a former employee, travel expenses, and real estate transactions
• $172,000 from a Miramichi company intended for a cannabis project went to personal associates and businesses
• $150,000 from Lamtrac Global Inc. funded payments to an economic development group and other recipients
High-Value Transactions Under Scrutiny
Court evidence highlights particularly large transactions, including $628,000 from Phillippe Herbette in 2017 that allegedly funded legal services at Stewart McKelvey law firm, motorcycle purchases at Toys for Big Boys dealership, and real estate acquisitions. Financial documents displayed in court included checks written to legal representatives for home purchases.
Financial Accounts Left in the Red
Analysis of banking records shows a consistent pattern of financial decline. When tracking began in December 2015, Bard’s personal accounts were already overdrawn by $147,000 while business accounts held minimal funds. By February 2021, the situation worsened significantly with personal accounts showing a $264,000 combined overdraft and business accounts $23,000 in deficit.
Ongoing Legal Proceedings
The accused faces 19 charges including fraud, theft, and money laundering dating back to 2022. The current retrial follows earlier proceedings that ended in mistrial due to defense counsel’s withdrawal for health reasons. Prosecutors have indicated they will complete their examination of financial evidence before the defense presents its cross-examination.
