Calgary man handed report seven-year sentence for $2.4-million scams

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Defrauding his victims of $2.4 million in financing schemes has landed a Calgary man a seven-year jail sentence, the longest one ensuing from the work of a securities investigation crew.

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William Jordan McBean was convicted final January of 12 counts of fraud over $5,000 for bilking C$2 million from 11 victims who have been falsely promised charges they paid would acquire them entry to billions of {dollars} in financing.

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One other sufferer, a lady in her 70s, was scammed for US$425,035 — cash she paid to McBean for funding functions.

He was sentenced Wednesday by Court docket of King’s Bench Justice W. Patrick Sullivan.

The conviction and sentence adopted an investigation by the Alberta Securities Fee (ASC) and the Alberta RCMP Federal Policing Built-in Market Enforcement Workforce who, together with Crown prosecutors, comprise the Joint Critical Offences Workforce (JSOT).

“The seven-year jail time period McBean acquired is the lengthiest sentence imposed so far in a JSOT case in Alberta, and displays the gravity of his crimes,” ASC Enforcement Director Cynthia Campbell mentioned in a press launch.

“McBean’s fraud was devastating to his victims, a few of whom have suffered critical psychological, well being and monetary hurt.”

McBean has additionally been ordered to pay C$1,628,431 and US$424,000 in restitution to the traders.

He’s been prohibited from being in an employment or volunteer function that entails having authority over the true property, cash or beneficial safety of one other individual for 12 years.

McBean was initially charged in Could 2021 of fraudulently acquiring $3.8 million in financing charges from traders.

Twitter: @BillKaufmannjrn