Waterloo man sentenced in multi-million-dollar fraud case
KITCHENER -- It was a multi-year, systematic campaign of deceit, a judge said on Thursday morning while sentencing a Waterloo man in a multi-million-dollar fraud case.
Constantinos Mathios pleaded guilty to one count of fraud over $5,000 back on Sept. 3.
Two months later, on Nov. 5, he was put in handcuffs in a Kitchener courtroom after being sentenced to two years in prison.
According to the agreed statement of facts, Mathios defrauded 16 people into buying shares for Magma Gold, a private mining company. The company really exists, but court documents stated that Mathios was never authorized to sell securities and that he never had a relationship with the company.
The documents also reveal he collected more than half a million Canadian dollars, and another US$1.3 million.
Some of his victims were present in court on Thursday. Two of them read their victim impact statements aloud.
"Not only did you steal, cheat and lie to me, but also to my family," one victim said.
"For almost 10 years I worked six days a week to pay for your family's luscious lifestyle."
Heather Caron's husband, Barry, was one of his victims.
"It was terrible," she said. "He destroyed him."
Barry died in 2012. She said being a victim of fraud ruined his life.
"It was over a very prolonged period of time and the con just kept leading him on," she said.
Before he was sentenced, Mathios turned to face the victims.
"I would like to apologize to the court and all of the victims," he said. "I feel very remorseful for what I did and my actions."
Other victims didn't want to speak on camera after the proceedings, but one man told CTV Kitchener that he thought Mathios' sentence wasn't long enough.
"It was an appropriate sentence given the circumstances," his defence lawyer Aitan Lerner said. "There are a lot more to this case than is known to the public."
Mathios also received a five-year prohibition order after his imprisonment which will bar him from being in a position of authority or holding a position of trust in relation to other people's money.
He has also been ordered to repay more than $2 million to the victims for the amount that he defrauded.