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KANGIQLINIQ/RANKIN INLET - It's not often a four-year-old takes an interest in financial matters.

So when a bank manager in Rankin Inlet discovered the name of one on a loan application, they started to ask questions. That led to the discovery of 19 loans totalling almost $600,000, made out to fictitious names and approved by one of the staff.

Dean Albert, a former Rankin Inlet resident, pleaded guilty this fall to multiple counts of fraud. On Sept. 24, he was sentenced to two years less a day of house arrest. He is currently serving his time in Saskatchewan.

His story was read into the record at the Nunavut Court of Justice.

Albert began working at the Royal Bank of Canada in Rankin Inlet in 1994 and was made an account manager for personal banking in January 2000.

In July 2001, his manager received a phone call from the bank's collections department regarding a number of loans that were in arrears.

After making a few queries, they discovered one of the loans was made out to the name of a child in the community but with no social insurance number or any other form of credit information on file.

As the investigation progressed, it became clear that between May 19, 2000 and May 24, 2001, Albert had made 19 loans out to fake names.

For 11 of the 19, he opened up bank accounts. Over time he made more than $103,000 in cash advances from the bank's own ATM machine.

Video cameras captured him accessing nine of the accounts.

In excess of $63,000 was spent at an Edmonton-based sports cards and collectibles shop, while other funds were paid on existing credit lines and at Future Shop.

Albert pleaded guilty and also received a restitution order for $534,527.31.

A representative of the Royal Bank said she could not comment on the individual incident.

"What I can say is the detection of fraud and prevention is something we take very seriously," said Jo-Ann Fraser, media relations manager.