Daniel P. Reeve, a former financial advisor within the Cambridge and Waterloo area, was found guilty last week of defrauding investors out of 10 million dollars.
It is alleged that Reeve would promise investors above average and high returns before failing to deliver at all. He would also promise at least a 15 per cent return on investments, but would also fail to deliver on that.
During the court proceedings the judge Skarica likened Reeves’ actions to a Ponzi Scheme and that he was fully aware of the extent of which he was defrauding his investors.
As one of Waterloo’s longest running court cases, beginning back in 2015, more than 70 witnesses testified against Reeve, 330 exhibits were filed and judge Skarica’s summary runs for almost a 1,000 pages.
Reeve was known for his lavish lifestyle which included owning multiple cars, a stretch limo with a private driver and before she died last year at 53 Reeves’ ex-wife Cheryl was given $2 million in a divorce settlement. Judge Skarica did note that the two million dollars could be considered funds stemming from criminal action. Reeve also owned an array of local companies, including DPR Financial Inc., Jakobstettel Properties Inc., Reeve Hotels & Resorts Inc. and Millionaire Mortgage Inc.
The maximum sentence for fraud over $5,000 is 14 years in prison and Reeve has been in custody since his arrest in July of 2012. The A week long sentencing hearing for Daniel P. Reeve starts on June 11, the earliest block of time lawyers and the judge could agree upon.
Reeve will be sentenced only on the fraud charge after the theft charge was conditionally stayed because both charges deal with the same facts. We will update this story as more information becomes available.
Read the full story over at The Record.
This story was summarized by Canadian Fraud News Inc.
Marina Burghard writes for Canadian Fraud News about fraud-related cases, whistleblower, jurisdiction, identity theft, consumer protection, etc. – essentially about scams and how to protect yourself against this kind of fraudulent criminal behavior. She holds a Master’s degree in Political Science where her interest in criminology grew. Besides fraud, Marina’s scientific interest lies in terrorism, extremism and how to deal with it as a society.