After scamming dozens of investors, some of their life savings, Kenneth Charles Fowler has been sentenced to three years in prison for mortgage fraud.
Fowler pleaded guilty to three charges under the Securities Act, including fraud in connection with investments of $12.5 million in his The Investment Exchange Mortgage Corp. (TIE) between January 2008 and December 2012.
Because Fowler has already served a portion of his time behind bars, he’ll only have 24 months left in prison.
The 66-year-old was charged by the Alberta Securities Commission in January 2014 in connection with $27 million in investments in TIE between 2002 and 2013.
“It’s a matter of pure greed,” said Judge Mike Dinkel.
According to a statement of agreed facts, Fowler used more than $1 million of the investments for his own personal lifestyle, day trading and to make payments to other investors.
“It’s a matter of pure greed,” said provincial court Judge Mike Dinkel. The judge noted how Fowler’s conduct had a devastating effect on his victims, many of whom filed impact statements with the court.
“People have fallen into deep depression, they feel humiliated, shame,” Dinkel said.
Fowler pleaded guilty to three counts of breaching Alberta securities laws, one count of fraud each in relation to the sale of securities of TIE Mortgage.
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