Waterloo fraudster Daniel P. Reeve released from prison
KITCHENER -- The man convicted in one of Waterloo Region’s largest fraud cases has been released from prison.
CTV News has learned that Daniel P. Reeve was released from the Beavercreek Institution in Gravenhurst Friday afternoon.
A letter from Correctional Services Canada, issued to victims in Reeve’s case, indicates that his 14-year sentence had been reduced following his appeal.
The Court of Appeal says Reeve’s sentence had been reduced to “time served” and is now considered complete.
Reeve was convicted of defrauding 41 people out of a combined $10.8 million in 2017.
One of Reeve’s victims, who says she lost $70,000, is in disbelief over the news.
“I can’t believe that the appeal process would actually do that and allow him to just go,” said Carin Smith. “That’s still not enough time for all the damage he’s done to all of the people, because it’s not just me.”
Two years, ago Reeve was sentenced to 14 years in prison, the maximum for fraud cases in Canada. He was also ordered to pay back the money in 10 years, or he would have another 10 years added to his term.
During sentencing, Justice Tony Skarica said if he could have given Reeve more time he would have. He cited Reeve’s lack of remorse during the trial as an aggravating factor.
During the appeal process, Reeve’s defence argued Justice Skarica made an error in handing him a 14-year sentence, saying it set a precedent outside the law and that his lack of remorse can’t be used against him.
A panel of judges then determined Reeve should only get 10 years for his crimes. Taking into account his pre-sentence custody, his sentence is now considered complete.
Reeve’s lawyer tells CTV News that Reeve is happy with the decision.
Last February Reeve had his day parole revoked for several reasons, including trying to re-print and sell his book on finances.