A Canadian fugitive will soon be transferred to a jail cell in Seattle, according to a report by U.S. newspaper The Oregonian. But it isn't yet clear if and when Ian Thow will return to Canada.

Ian Gregory Thow, 48, will be transferred from a Portland jail cell to a jail in Seattle, "forthwith," federal officials said today.

Thow was arrested Tuesday as he left his Pearl District condominium. He is wanted by Interpol and Canadian law enforcement on accusations of financial fraud that could total as much as $32 million.

Officials allege that Thow sold investments in fake companies and promoted fraudulent short-term loans in British Columbia from December 2003 to September 2005.

Assistant U.S. Attorney Greg Nyhus said Thow "acquiesced'' under a federal law that says he should be transferred to the federal district where the arrest warrant was issued within 60 days, in this case, the District of Western Washington in Seattle. A hearing scheduled for 1:30 p.m. today before U.S. Magistrate Dennis Hubel was canceled.

Cory Cunningham of the U.S. Marshals said he did not know exactly when Thow would be transferred, but said prisoners are routinely transferred to other facilities up and down the West Coast, sometimes once each week.

"When we get the order, we go,'' Cunningham said. Multnomah County Jail officials said Thow is being held at the Inverness Jail in Northeast Portland.

According to Canadian newspaper reports, Thow, a former vice president with the Berkshire investment firm in Victoria, B.C., disappeared in June 2008 shortly after he was charged with 25 counts of fraud over $5,000. If convicted, he could receive 10 to 14 years in prison for each count.

Washington state officials prepared a provisional arrest warrant Jan. 6 at the request of Canadian authorities, who believed Thow was living in the Seattle area.

Oregon authorities were alerted when Seattle marshals found information that Thow was living in Portland. U.S. marshals began watching his activities last weekend.

Marshals arrested Thow when he left The Edge Lofts Condominiums, 1410 N.W. Kearney St. Police said they do not know how long Thow lived in Washington or when he left for Portland.

With a report by The Oregonian