Kitchener (August 19, 2019) – Former Waterloo Region financial adviser, Daniel P. Reeve who is convicted of fraud is back behind bars for at least another year after the Parole Board of Canada revoked his day parole earlier this month.
Reeve was arrested in May 2019, after the Correctional Service of Canada temporarily suspended his parole because a person he tried to trick into an investment reached out to the police. The Board explained its decision to revoke the parole with his immediate return to his offense cycle which poses an ‘undue risk to society’, The Record reports.
In 2018, Reeve was convicted of fraud over $5,000. Using a Ponzi or pyramid scheme, he defrauded at least 41 people of about $10 million. Justice Toni Skarica sentenced him for 14 years in prison – the maximum sentence for fraud – and ordered a payment of $10 million within 10 years to his victims. If he fails to compensate his victims, he faces another 10 years in jail. Reeve is appealing his conviction and sentence.
Read more: Waterloo financial advisor led lavish lifestyle, defrauded investors out of 10 million
In February, the Waterloo fraudster was released on day parole. At this point, he had served only eight months in federal prison due to a provision for non-violent offenders which was rescinded in 2011. His six years of pretrial custody at the Maplehurst Correctional Complex in Milton were counted as 10 years, consequently, he had already served one-sixth of his remaining four years in prison.
Less than three months later, he was trying to pose another investment scheme which strongly reminds of his former crimes. This incident urged the board to suspend his day parole because he is at risk of re-offending.
On August 7, the hearing was held at the Beaver Creek Institution in Gravenhurst, where Reeve is currently staying. When Reeve was questioned he denied all allegations. Now, Reeve must wait for at least a year before applying for a review. According to CBC, he will likely be free on statutory release, under supervision, by June 2021, while his sentence ends in June 2022.