Barrie, Ont., man sentenced for scamming hundreds of victims out of tens of millions of dollars
The mastermind of an elaborate Ponzi scheme that cheated hundreds of people of tens of millions of dollars was sentenced Tuesday in a Barrie, Ont., courtroom to seven years in jail.
Charles Debono has been behind bars since his arrest in 2020 for his role in one of the largest Ponzi schemes in Canadian history.
Earlier this year, the 63-year-old Barrie man pleaded guilty to money laundering and fraud.
The maximum penalty under the law is 14 years.
Crown attorney Patrick Travers said he was pleased with the judge's decision.
"Seven years under Canadian law is actually a very significant sentence," he said.
Related
- Barrie man busted in $56-million Ponzi scheme
- Barrie, Ont., man at centre of 'landmark' Ponzi scheme in court for sentencing hearing
- Victims say Barrie, Ont., man's landmark Ponzi scheme left them ruined
The Crown told the court Debono promised investors in his bogus debit machine business a 15-cent return on every transaction and that the scheme, involving more than 500 victims, led to more than $29 million in losses for investors.
Victim impact statements read to the court cited Debono's scheme brought on feelings of shame and regret for duped investors. Victims experienced financial and personal ruin, ending marriages and halting retirement plans.
In her sentencing decision, Justice Michelle Fuerst said Debono had "high moral blameworthiness," cheating investors of their life savings so he could live a life of luxury.
The judge outlined Debono's deliberate scheme, including falsification and destruction of records after he took the money and fled the country.
He was ordered to pay a fine of roughly $27 million in lieu of forfeiture within five years of his release. Failure to do so will land him in jail for another seven years.
Travers said the sentence may not seem harsh enough to some Canadians given "the degree of devastation among the victims" but noted that in Canada, a guilty plea is "very mitigating."
Debono's plea and previously clean criminal record mean he could be out by fall 2026.
Upon his eventual release, Debono is banned from seeking employment involving handling other people's money.
CTVNews.ca Top Stories
'The root cause': Canada outlines national action plan to fight auto theft
The federal government is launching what it calls its 'national action plan' to combat auto thefts, which will include stronger penalties for thieves, and increased information sharing between police agencies, government officials and border enforcement.
What is BORG drinking, and why is it a dangerous trend? An expert explains
If you've been to a party lately and haven't seen someone drinking a BORG, you're likely not partying with college students.
The world's best airline is paying staff a bonus of 8 months' salary
Singapore Airlines will reward its employees with a bonus worth nearly eight months of salary, a person familiar with the matter told CNN on Friday.
Prosecution rests in Donald Trump’s hush money case. The defence now gets its turn to call witnesses
Michael Cohen testified Monday that he stole tens of thousands of dollars from his ex-boss Donald Trump’s company, an admission defence lawyers hope to use to undermine Cohen’s credibility.
Red Lobster probes 'endless shrimp' losses after bankruptcy filing
U.S.-based restaurant chain Red Lobster has filed for Chapter 11 bankruptcy protection in a Florida court after securing $100 million in financing commitments from its existing lenders, the company said on Sunday.
'Next man up': Canucks coach, teammates bracing for Game 7 without Brock Boeser
Questions about how the team is going to handle the absence of star winger Brock Boeser from a do-or-die game seven dominated pre-game interviews with the Vancouver Canucks coach and players Monday morning.
Katy Perry sings goodbye to 'American Idol'
Katy Perry said her goodbyes on 'American Idol' after seven seasons. On Sunday night’s live 'idol' season finale, a medley of Perry's hit songs were performed, including 'Teenage Dream,' 'Dark Horse' and 'California Gurls.'
U.S. Supreme Court rejects appeal from former Guantanamo detainee Omar Khadr
The U.S. Supreme Court on Monday rejected an appeal by a Canadian-born former Guantanamo detainee who was seeking to wipe away his war crimes convictions, including for killing a U.S. soldier in Afghanistan.
Woman, 35, in critical condition after her truck collided with a Via Rail train near Montreal
A 35-year-old woman is in critical condition after the pick-up truck she was driving was struck by a Via Rail passenger train Monday morning in Quebec's Monteregie region.