Reeve charged with fraud and theft; millions allegedly stolen
Published Friday, July 27, 2012 11:22AM EDT
Last Updated Friday, July 27, 2012 5:30PM EDT
Daniel P. Reeve, who has been accused of bilking investors out of millions of dollars, appeared briefly in a Kitchener court on Friday afternoon to hear the charges against him.
The Waterloo Regional Police Service (WRPS) has charged the 52-year-old with fraud and theft over $5,000 a after a multi-year investigation.
He was arrested in Collingwood, Ont. on Thursday.
Over the years Reeve has run a number of companies, and many investors have filed civil suits against him, but now he is finally facing criminal charges.
Det.-Sgt. Robert Cowan, a WRPS fraud investigator, says “We’re talking over 175 victims and totalling over $30 million in losses in investments.”
The case is considered one of the biggest fraud investigations ever in the region, with the alleged incidents taking place between 2006 and 2009.
Since then, Reeve has been under investigation by the WRPS Fraud Division for more than three years.
Cowan says “Some people ask why it took so long, well, it’s a large, complex fraud investigation and we want to make sure we get it right.”
While Reeve was initially a financial advisor, he also subsequently spent time as a real estate investor and life coach.
In 2009 the Financial Services Commission of Ontario issued a cease and desist order against Reeve and his companies, including DPR Financial Inc. and Millionaire Mortgage Inc.
Shortly after the initial allegations of financial misconduct he sat down with CTV News.
Reeve said “In this case where we’ve done some loans to the companies to pay them a very attractive rat and plow that money back into the business, that’s great in an up market, and unfortunately I haven’t been through a market like this either and it’s not fun.”
It was even less fun for his investors, many of whom allege they’ve lost their life savings to Reeve, who had promised they would eventually get their money.
At the moment, police won’t say where the money went, but they do expect the information to come to light eventually.
At least one family in the Windsor area has already won a million-dollar civil suit against Reeve in connection with the Jakobstettle Inn in St. Jacobs.
It’s unclear if or how much they and others who have already won civil suits, have been reimbursed.
Reeve was remanded in custody and will return to court on Monday for a bail hearing.
While four hours have been set aside for the hearing, many feel it will take much long to lay out all the facts of the case.
Victims of fraud speak
When Susan Deusling read the police release about Reeve’s arrest, she says she could barely believe the news.
“We had really no confidence or hope that anything would really come out of it,” Deusling tells CTV News. “I was kind of shocked really, it’s been a long time.”
Deusling says the alleged fraud not only took a toll on her and her former husband’s personal savings, but also their marriage.
“Reeve was the nail in the coffin so to speak,” says Deusling.
Both Deusling and her former husband Doug Deusling say they put $100,000 into a St. Jacobs business owned by Reeve.
They also say they trusted him with an additional $50,000 of investments.
The Deuslings say shortly after they went public with their stories, they began receiving phone calls from others who claimed to be victims of Reeve.
They say they are now satisfied Reeve will soon face justice.