When Daniel P. Reeve was arrested in 2012, Waterloo Regional Police claimed that he defrauded as many as 175 people out of about $30 million.
The former financial planner’s trial began in court Monday, with the specific allegations having been lowered to a $10-million fraud with 41 victims – and with the 55-year-old pleading not guilty to fraud over $5,000 and defrauding the public.
Reeve is accused of selling items including mutual funds and real estate investments through companies DPR Financial and Jakobstettle Inn.
He promised his clients great returns, Crown prosecutor Fred Creed said in his opening address, and earned their trust.
“Unfortunately, the promises were false and the trust was unfounded,” Creed said.
The first witness to take the stand was Det. Const. Norman DeBoer, one of the officers who investigated Reeve’s financial dealings.
During cross-examination, defence lawyer Mary Cremer questioned why police didn’t search the bank records of Reeve’s brother, David Reeve.
David Reeve was the president of DPR Financial until 2007, when he left to start up his own investment firm.
Deboer replied that David Reeve was a suspect in the case as recently as 2014, but police ultimately decided they did not have enough evidence to lay charges against him.
The trial continues Tuesday.
It is expected to be a lengthy one, with dates having been set aside through the end of October.
“There’s going to be a lot of evidence,” Cremer said outside court.
