A former financial advisor convicted of one of the biggest fraud cases in Waterloo Region history will be getting out of prison as early as tomorrow.
Daniel P. Reeve was convicted of defrauding more than 40 clients of $10 million and has been behind bars since he was arrested in 2012.
In June he was sentenced to 14 years, the maximum for a fraud offence under Canadian law.
However, he could be paroled as early as Wednesday.
The conditions of the day and full parole include providing information about his finances, not being self-employed, or running his own business.
He cannot be responsible for managing money or investments for any person, charity, business or organization.
He also must have no contact with victims or any member of a victim's family.
“I’m profoundly surprised and disappointed,” said victim Dr. Ira Bernstein. “It is up to the legislators to make changes, although I don't see that happening.”
Reeve was Bernstein’s financial advisor for four years before he lost more than $660,000.
“Virtually my entire life savings,” said Bernstein. “He cleared me out.”
He received a letter from Waterloo Region Police last week stating that Reeve would be released on day parole on Wednesday and required to reside in a halfway house in Hamilton.
An email sent to victims says he will be released from the halfway house into private accommodations when he reaches full parole eligibility in October.
“It’s a great miscarriage of justice in my mind,” said Andrew Wigboldus, a victim from Woodstock. “The judge was adamant that he get all the time possible and in my opinion he should be in jail unless he makes restitution.”
During the sentencing, the judge ordered Reeve to make restitution and pay his victims $10 million in 10 years or face another 10 years in prison.
“It didn't matter who the victims were,” said Bernstein. “Young, old, everyone was fair game. That's the nature of a predator.”
