A sentence of 14 years in person for fraud was recently handed to Daniel P. Reeve for defrauding 41 vulnerable individuals out of about $10 million – the harshest and longest fraud-related prison sentence to date given in Canada.
The verdict was given by Justice Toni Skarica to former Waterloo Region financial adviser Daniel P. Reeve, who’ve fleeced more than 40 individuals who have little to no investing experience out of their hard-earned $10 million. The justice reportedly said that if it was legally possible to give a longer sentence, it would have been done for this case, indirectly saying that even 14 years (the longest fraud sentence ever served in Canada) is still not enough.
Reeve still has 4 years to serve as the 6 years he served in pretrial custody was credited as 10 years prison time. He is facing another 10 year jail time if he is not able to pay back the 10 million fine within 10 years of being out the prison. The fine will go to his victims. Reeve, who is now 58, claims to be broke.
Preying on the Vulnerable
What made Reeve’s actions more despicable is that he seemed to target the vulnerable. Justice Skarica shared that one of the victims was a then recently widowed woman who Reeve promised to assist in hard times but ended up swindling out of her personal savings and her husband’s RRSP.
Many of Reeve’s victims lost everything as a consequence of listening to him. Some were not able to pay their mortgage, some got depressed, some even divorced because of the strain of financial difficulties.
Justice Skarica said that Reeve sought out grieving spouses, the elderly, the disabled, loyal clients, the emotionally vulnerable, strangers, and even his close friends to be victims in his scheme. The justice likened Reeve’s actions to that of a predator, as he hunted down those who can easily fall victim to him.
A Clear Warning
14 years for fraud is more time than some murderers spend in prison. Crown prosecutor Fraser McCracken shared that Reeve’s prison sentence is without a doubt, the longest one for fraud in Canada. He hopes that this will shed light on the plight of those who fall victim and serve as a warning to all those who wish to commit fraud.
Reeve’s predatory scheme is a mix of Ponzi schemes and scams, according to justice Skarica. Reeve did it to fund his lavish lifestyle and boost his ego. Reeve reportedly often used a stretch limo while serving as DRP Financial Inc’s ‘chief visionary officer’. He also reportedly owned a Porsche Boxster, 2 Cadillac Escalades, a Jaquar Land Rover, and expensive suits all while living in a lavish farmhouse. He was able to pull off his scams while still offering financial advice despite losing his financial adviser licence in 2007.
Reeve showed no emotion upon hearing of the havoc his actions brought to the lives of his victims. He apologized but did not show remorse.
Fraud victims are in the thousands per year in the Greater Toronto Area alone. Exposing fraudsters and getting help from authorities isn’t as easy as well because you’ll have to be certain that fraud exists. If you need help uncovering fraud or exploring what you can do to protect yourself, don’t hesitate to contact us for an obligation-free initial consultation.