Calgary man, Ryan Steve Magee, sentenced to eight years in American prison for fraud

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Ryan Steve Magee from Calgary was sentenced last week by an American judge to 97 months in prison and ordered to pay $2.3 million in restitution for a massive investment fraud.

The 34-year-old plead guilty to one count of wire fraud in the Northern District of Texas.

“According to plea documents filed in his case, Magee was a business man and an active day trader in the U.S. stock market,” a news release said.

“Beginning in 2011, and continuing until the end of 2013, Magee devised and operated a scheme to obtain money by means of false and fraudulent material pretense and representations. Magee solicited and obtained money from victim investors by making false representations about how their money would be invested, how much of their money would be invested, how much their investment was earning, how much money they had in their account, and by making other false statements.”

Magee was indicted in July 2016 on five counts of wire fraud and was arrested in December 2016.

Read more at Calgary Herald

This article is summarized by Canadian Fraud News Inc.