Former P.E.I. investment advisor gets 2 years in jail

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A former P.E.I. investment advisor has been sentenced to two years in federal prison after pleading guilty to seven counts of fraud on Monday.

David Hamilton Cudmore was found guilty of defrauding clients of $978,000.

The 57-year-old convinced clients their money was going towards insurance and investment products.

Cudmore ran Cuddy Financial and worked with Frank Harrison Dew of Morton Dew Ltd.

Dew was sentenced to 54 months in federal prison in June after pleading guilty to 26 counts of fraud amounting to $2.9 million.

“These were literally their life savings,” said Crown attorney Jeff MacDonald. “The trust they placed in Dew and Cudmore was complete. They signed over their life savings without hesitation.”

The court determined that Cudmore only acted in seven cases identified, while Dew was the principle actor in the remainder of the cases, resulting in a greater sentence. 

Read more at CBC News

This article is summarized by Canadian Fraud News Inc.