Barrie, Ont. man convicted in one of the largest Ponzi schemes in Canada’s history granted day parole

The Barrie, Ont. man convicted of being the mastermind of one of the largest Ponzi schemes in Canadian history that cheated nearly 600 people out of tens of millions of dollars has been granted day parole.

Charles Debono was granted day parole for six months to a community-based residential facility pending bed space but was denied full parole.

The 64-year-old is serving four years for laundering proceeds of crime and fraud over $5,000.

The court heard Debono destroyed records, took the money and fled to the Dominican Republic when the scheme collapsed, where police eventually caught up with him.

The parole board noted upon his arrest, Debono stated, "They would have to kill you before you go back to Canada," and that he attempted to wrap a shoelace around his neck.

Debono was deported back to Canada, sentenced to seven years, and ordered to pay a roughly $27 million fine within five years of his release or face another seven years in prison.

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The board noted there had been no issues, charges or institutional incidents since Debono's incarceration, adding he had demonstrated an ability to abide by rules, boding well for a conditional release.

Still, it did highlight its concern regarding his "cognitive distortion" relating to how he described his lifestyle while fronting the bogus investment business.

The board said Debono called his life "modest" despite owning multiple properties, cars, sea-doos and a hotel.

The parole board said Debono claimed he would liquidate assets overseas to pay the court fine, and if that were not possible, he would "just have to return to prison."

"Your attitude seems unrealistic and lacking in insight given your past decision to flee the country," the board stated. "That said, the board believes we can impose conditions to manage this concern in keeping with the principle of least restrictive means."

For his day parole, Debono is not to possess identification other than his own. He must follow a treatment plan, provide financial documentation to his parole officer upon request, and refrain from self-employment or operating a business.

He also cannot communicate with any victims, own more than one mobile device, or purge information from his device without consent.

Debono has been behind bars since his arrest in 2020.