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
More than 115 cases of eye damage reported in Ontario after solar eclipse
More than 115 people who viewed the solar eclipse in Ontario earlier this month experienced eye damage after the event, according to eye doctors in the province.
Last letters of pioneering climber who died on Everest reveal dark side of mountaineering
George Mallory is renowned for being one of the first British mountaineers to attempt to scale the dizzying heights of Mount Everest during the 1920s. Nearly a century later, newly digitized letters shed light on Mallory’s hopes and fears about ascending Everest.
Toxic testing standoff: Family leaves house over air quality
A Sherwood Park family says their new house is uninhabitable. The McNaughton's say they were forced to leave the house after living there for only a week because contaminants inside made it difficult to breathe.
Decoy bear used to catch man who illegally killed a grizzly, B.C. conservation officers say
A man has been handed a lengthy hunting ban and fined thousands of dollars for illegally killing a grizzly bear, B.C. conservation officers say.
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
An emergency slide falls off a Delta Air Lines plane, forcing pilots to return to JFK in New York
An emergency slide fell off a Delta Air Lines jetliner shortly after takeoff Friday from New York, and pilots who felt a vibration in the plane circled back to land safely at JFK Airport.
B.C. seeks ban on public drug use, dialing back decriminalization
The B.C. NDP has asked the federal government to recriminalize public drug use, marking a major shift in the province's approach to addressing the deadly overdose crisis.
'I was scared': Ontario man's car repossessed after missing two repair loan payments
An Ontario man who took out a loan to pay for auto repairs said his car was repossessed after he missed two payments.
First court appearance for boy and girl charged in death of Halifax 16-year-old
A girl and a boy, both 14 years old, made their first appearance today in a Halifax courtroom, where they each face a second-degree murder charge in the stabbing death of a 16-year-old high school student.