A Calgary man has been sentenced to jail time and ordered to pay restitution after he pleaded guilty to seven charges in connection to an investigation into investment fraud.
On February 28, Neil Andrew McDonald, also known as Neil Andrews, was sentenced to two years in prison and several months’ probation following an investigation by the Alberta Joint Serious Offences Team.
The ASC says McDonald violated securities law in 2009 and was banned for 15 years from trading or advising in securities after he bilked investors out of $439,000. He paid back the money and agreed to pay the investigation and resettlement costs.
Two years later, McDonald violated the ban by fraudulently raising $240,000 from investors and in October 2012 he was charged with offences under the Securities Act.
He was permanently banned from trading in securities and ordered to pay restitution following a trial in August of 2014. He was sentenced to two years in jail in May of 2015.
Between August 2016 and March 2017, officials say McDonald stole the identity of an individual and obtained about $25,000 worth of credit. He also opened a bank account using the stolen ID.
Last October, he was charged for those offences and was remanded into custody.
Before his trial could take place, McDonald pleaded guilty to seven charges including fraud over $5,000, laundering proceeds of crime, impersonation, and breaching recognizance conditions.
Last week, McDonald was sentenced in provincial court to two years in jail and 18 months’ probation. He has also been ordered to pay $418,835 in restitution.
