Head of Nova Scotia investment scam ordered to pay victims $1.1 million

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The Nova Scotia financial manager who defrauded more than 200 people “paid a hard price for his greed,” a judge said as she ordered him to pay back $1.1 million.

Quintin Sponagle of Upper Vaughan, N.S., pled guilty to fraud in December after keeping $1.1 million from 201 people who invested more than $4 million through Jabez Financial Services Inc. – a Windsor, N.S., company registered in Panama. Sponagle used $1.1 of investors’ money to buy cars, recreational vehicles, international travels, property and other personal expenses, Judge Anne Derrick said.

“Mr. Sponagle betrayed his investors and whatever moral code he may have had, primarily so he could live the good life and enjoy material benefits that otherwise would presumably have been beyond his means,” said Derrick.

Sponagle spent 19 months in Panama’s La Joya Penitentiary, described by Derrick as “one of the world’s worst prisons.”

Read more at The Chronicle Herald

This article is summarized by Canadian Fraud News Inc.