The great grandson of Calgary pioneer Col. James Macleod has been sentenced to 4 ½ years in a federal penitentiary by a Alberta judge.
James Farquharson Macleod was also ordered to pay $1,029,000 restitution to his High River victims, by Court of Queen’s Bench Justice Corina Dario.
But one of those victims expressed doubt he’ll ever see a penny from the former High River resident, who now lives in B.C. Richard Cooper said he was duped out of $10,000 by Macleod. Cooper said it’s been a long process of more than six years to see Macleod finally brought to justice.
In her ruling, Justice Dario said there were multiple aggravating factors which justified a prison term near the five years sought by Crown prosecutor Steven Johnston. She said his lack of a criminal record and letters of support showed his otherwise good character, but that was not surprising in a major fraud cause.
“Good character is far from a distinguishing factor in embezzlement cases,” she said, quoting from a 2007 Alberta Court of Appeal decision. “That the embezzler is otherwise a solid hard-working member of the middle classes, is almost always true.”
Macleod operated a mortgage brokerage in High River beginning in 2006 under the name The Mortgage Group. Sometime later he started a private investment fund business and approached investors that he met through local High River clubs like Elks and the Rotary club, Dario noted.
Macleod convinced people to invest in his private fund which would be used for mortgage, or bridge financing and paid out at a rate of 15 per cent.
Read the full story over at the Calgary Sun.
This story was summarized by Canadian Fraud News Inc.
Devin Jones is the head writer and social media producer at Canadian Fraud News. Devin was raised in Toronto and is a graduate of the Ryerson University journalism program. As a former Digital Media editor at the Ryerson Review of Journalism, you can find Devin camera and coffee in hand, at his home photo studio.