A former financial advisor convicted of defrauding 40 clients out of a combined $10 million is back behind bars.

Daniel P. Reeve was granted parole late last year and was living in the Hamilton area.

Two credible sources tell CTV that Reeve was placed back into custody on Friday.

In a document issued to his victims, it says his parole officer suspended Reeve’s day parole release.

The document doesn’t explain why, but says it could have been for one or more of the following reasons:

  • Reeve breached a condition
  • The suspension is deemed necessary
  • The suspension is required for the protection of society

Reeve was originally convicted in 2017. In June of last year, he was sentenced to 14 years in prison but was given 10 years’ credit for time served.

He was granted day parole in December, with one condition being that he could not operate his own business or be self-employed.

Reeve appealed that condition but was denied last week, much to one of his victim’s relief.

“I felt that this was a slap in the face that he would even think to entertain to handle other people’s money again,” says Dr. Ira Bernstein, who lost his life savings to Reeve. “Seeing that he has been convicted of a very large fraud and displayed no remorse whatsoever regarding his actions.”

Bernstein says he’s not surprised that Reeve has been incarcerated again.

It doesn’t appear that Reeve is facing any additional charges.

In the letter to victims, it states that his parole officer is looking into the matter over the next 30 days to determine if Reeve can be managed while out on parole, or if the Parole Board needs to review the circumstances around the suspension.