Bail hearing for Daniel P. Reeve moved to Friday
Published Monday, July 30, 2012 11:11AM EDT
Last Updated Monday, July 30, 2012 6:23PM EDT
The hearing for former financier Daniel P. Reeve has been adjourned until Friday following a brief court appearance Monday morning.
Reeve is facing charges of fraud and theft over $5,000 in connection with his work as a financial advisor in Waterloo Region. He was arrested on Thursday.
Appearing in person on Monday, Reeve had still not secured a lawyer so the case had to be delayed.
Reeve appeared emotional, even tearing up from time to time. His only supporter in the courtroom was his mother, who did not wish to comment.
Police say an estimated 175 victims lost over $30 million in investments. It is believed to be one of the biggest fraud cases in Waterloo Region.
Reeve operated a number of companies, including DPR Financial Inc. and Millionaire Mortgage Inc.
Both companies, along with Reeve, were the subject of a cease and desist order issued in 2009 by the Financial Services Commission of Ontario.
A number of civil suits against Reeve have been launched and won, but it’s unclear how much money has been recovered.
Only one of Reeve’s alleged victims was in court on Monday, a 74-year-old from Belwood, Ont. He told CTV News he lost $200,000.
Reeve is expected to secure a defence lawyer by mid-week and will appear via video on Friday. A new bail hearing will likely be set for next week.
Daniel P. Reeve is seen speaking to the media in this undated image
The Financial Services Commission of Ontario issued a cease and desist order against Daniel P. Reeve in 2009.
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