A 54-year-old Calgary man will spend the next five years in prison for committing fraud against an oil and gas company he co-founded.
Ian Wilson Fisher admitted to defrauding the oil and gas company, Arcan Resources, which he co-founded with his brother and another man.
According to an agreed statement of facts, Fisher created shell companies in 2008 and then made dozens of false invoices billing close to $5 million.
“It was done through three corporations that were essentially fraudulent companies. It was fraudulent invoicing so billing for things that never happened,” said Crown prosecutor, Steven Johnston.
Fisher was charged in 2015 and has now avoided a lengthy trial.
“Mr. Fisher never denied the allegations, it was just about determining what an appropriate sentence would be and what the quantum of the fraud was so it was always a desire from the beginning to resolve the matter,” said Adriano Iovinelli, Defence lawyer.
“I hope this sends a message if you commit fraud and steal from your employer, you're going to the penitentiary,” said Johnston.
Fisher has been convicted of fraud before and spent a day in jail in 1995 and was on probation.
This time court heard that Fisher splurged on himself, buying a house in the resort community of Peachland, B.C. and blowing money on drugs.
Former CFO of Arcan Resources, Doug Penner, says there were a number of victims and that the impact on the company is immeasurable.
“I lost almost all of my savings. I lost my job, the company, my career,” he said. “There’s a lot of victims besides myself personally, all the staff were painted with that brush.”
In a joint plea deal, lawyers suggested a five year prison term and the judge agreed.
Fisher pleaded guilty to fraud over $5000 and was also given a 20 year prohibition order, which prevents him from dealing with money through work or a volunteer position.
(With files from Ina Sidhu)
