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
Trudeau acknowledges charges in Nijjar killing, calls for commitment to democracy
Prime Minister Justin Trudeau has acknowledged the charges laid Friday in relation to the murder of B.C. Sikh activist Hardeep Singh Nijjar.
No proof man lied to brother about number of kittens born in litter, B.C. tribunal rules
A man was denied a $5,000 payout from his brother after a B.C. tribunal dismissed his claim disputing how many kittens were born in a litter.
Bodies recovered in Mexico likely 2 Australians, 1 American who went missing: officials
Three bodies recovered in an area of Baja California are likely to be those of the two Australians and an American who went missing last weekend during a camping and surfing trip, the state prosecutor’s office said Saturday.
Princess Anne lays wreath at B.C. veteran's cemetery; receives 21-gun salute
Princess Anne paid tribute to veterans buried at a cemetery in British Columbia today, laying a wreath to honour the more than 2,500 military personnel and family members buried there.
Mystik Dan wins the 150th Kentucky Derby at Churchill Downs in a three-horse photo finish
Mystik Dan won the 150th Kentucky Derby in a photo finish, edging out Forever Young and Sierra Leone for the upset victory.
'I just can't believe that it took so long': Body found in wreckage 3 months after deadly fire
A man accused of arson in a January Old Strathcona apartment fire is expected to be charged with manslaughter after a body was discovered in the burned building late last month.
Quebec police hand out hundreds of tickets to Hells Angels and other bikers before 'first run' meeting
Quebec provincial police handed out hundreds of fines to Hells Angels members and other supporting motorcycle clubs who met for their 'first run' in a small town near Sherbrooke, Que.
Work stoppage possible as WestJet issues lockout notice to maintenance engineers' union
A lockout notice issued by WestJet to a union representing aircraft maintenance engineers could result in a work stoppage next week.
London Drugs begins 'gradual reopening' on 7th day after cyberattack
Almost a week after all London Drugs stores across Western Canada abruptly closed amid a cyberattack, they began a "gradual reopening" on Saturday.