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
Doctors ask Liberal government to reconsider capital gains tax change
The Canadian Medical Association is asking the federal government to reconsider its proposed changes to capital gains taxation, arguing it will affect doctors' retirement savings.
Keeping these exotic pets is 'cruel' and 'dangerous,' Canadian animal advocates say
Canadian pet owners are finding companionship beyond dogs and cats. Tigers, alligators, scorpions and tarantulas are among some of the exotic pets they are keeping in private homes, which pose risks to public safety and animal welfare, advocates say.
Demonstrators kicked out of Ontario legislature for disruption after failed keffiyeh vote
A group of demonstrators were kicked out of the legislature after a second NDP motion calling for unanimous consent to reverse a ban on the keffiyeh failed to pass.
BREAKING Man wanted in connection with deadly shooting in Toronto tops list of most wanted fugitives in Canada
A 35-year-old man wanted in connection with the murder of Toronto resident 29-year-old Sharmar Powell-Flowers nine months ago has topped the list of the BOLO program’s 25 most wanted fugitives across Canada, police announced Tuesday.
Prince William and wife Kate thank public for birthday messages for son Louis
Prince William and his wife Kate thanked the public for their messages which had been sent to mark the sixth birthday of their youngest son Louis on Tuesday.
She was the closest she'd ever been to meeting her biological father. Then life dealt her a blow
Anne Marie Cavner was the closest she'd ever been to meeting her biological father, but then life dealt her a blow. From an unexpected loss to a host of new relationships, a DNA test changed her life, and she doesn't regret a thing.
How quietly promised law changes in the 2024 federal budget could impact your day-to-day life
The 2024 federal budget released last week includes numerous big spending promises that have garnered headlines. But, tucked into the 416-page document are also series of smaller items, such as promising to amend the law regarding infant formula and to force banks to label government rebates, that you may have missed.
Fire engulfs old Edmonton municipal airport hangar
A historical hangar at the former Edmonton municipal airport beside the NAIT main campus was on fire Monday night.
Soft skills, preparation can help new graduates land jobs, experts say
As new graduates enter the workforce over the next few weeks, they are likely to face challenges getting their foot in the door and must be prepared to effectively communicate what they bring to the company.