Daniel P. Reeve given maximum possible sentence for fraud
A former financial advisor who bilked 41 of his clients out of $10 million was sentenced Friday to 14 years in prison – the maximum amount allowed for a fraud offence under Canadian law.
“If I could give you more, I would,” Justice Toni Skarica said in delivering the sentence.
The Crown had asked for the 14-year sentence, as well as an order for Reeve to pay $20 million in restitution and 10 years to be added onto his sentence if that didn’t happen.
Reeve’s lawyer had been seeking a sentence of eight to 10 years, as well as Reeve receiving more credit than usual for time already spent in custody.
Skarica used elements of both submissions, giving him credit for 10 years of time already spent and agreeing to add 10 years to Reeve’s sentence if he cannot pay back his victims, but lowering the amount he will have to pay to $10.8 million and giving him 10 years to do so.
The judge noted that it was unlikely Reeve would ever be able to pay his victims back.
Reeve has been in prison since his arrest in 2012.