Geriatric fraudster gets three years prison for investment scheme

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A 70-year-old fraudster who “bamboozled” $315,000 from five Albertans, including a disabled Wetaskiwin woman who ended up losing her home, was put behind bars Thursday. Gary Richard Walker was sentenced to three years in prison after earlier pleading guilty in Edmonton’s Court of Queen’s Bench to five counts of fraud relating to bogus investment schemes.

Walker was handed a fine in lieu of forfeiture

And — for what is believed to be the first time in an Alberta fraud case — Walker was handed a $295,300 fine in lieu of forfeiture, which went along with a restitution order for the same amount. He has three years once his sentence expires to pay the fine and, if he doesn’t pay it, he faces being imprisoned for an additional four years. 

Read the full story at Canoe.

This article is summarized by Canadian Fraud News Inc.