N.S. businessman gets 4-year sentence for $8.5M fraud

KENTVILLE, N.S. -- An Annapolis Valley businessman has been sentenced to four years in jail after admitting to taking $8.5 million from the Royal Bank of Canada in what could be the largest fraud case in Nova Scotia history.

See Full Article

Gregory Paul Burden, 66, falsified records to make it look as if his Kentville, N.S., company, Advance Commission Company of Canada Ltd., was more profitable that it seemed, Crown attorney Mark Heerema said Wednesday.

Those false documents were then used as collateral for loans from RBC.

"The books were being cooked - and they were being charbroiled," said Heerema, noting he could find no bigger fraud among reported court decisions in the province.

Burden did not use the money for a lavish life, said Heerema, but instead to build his company, which bought rights to real estate agents' advance commissions in exchange for a cut of them.

"He was trying to grow a legitimate business with real employees, albeit with criminality and that's wrong," he said. "Most of the money went to this business that eventually became unsuccessful."

Burden, who was sentenced in Kentville on Tuesday on three fraud charges, pleaded guilty last year to defrauding four members of an Annapolis Valley family of $400,000 who invested in his company, as well as a Quebec franchisee of his company.

Burden had been attempting to grow his company across Canada, said Heerema.

Heerema said he had asked for a sentence of between three and five years, and was happy with Judge Claudine MacDonald's four-year sentence.

Heerema said the fraud was a simple one -- Burden faked annual financial statements -- but he would have had to create a lot of documentation to do it.

"It's in some ways deceptively simple, but as I told the court ... it would have been elaborate to pull off," said Heerema.

Related charges of using forged documents were dropped.



Advertisements

Latest Economic News

  • TransCanada to reapply for Keystone XL pipeline permit after Trump order

    Economic CTV News
    CALGARY -- TransCanada Corp. (TSX:TRP) says it will reapply to build its Keystone XL project following U.S. President Donald Trump's move to help advance construction of the pipeline. TransCanada said in a statement Tuesday afternoon it appreciates Trump's invitation to reapply for a permit for the pipeline which would run from Canada to Nebraska where it would connect to existing lines running to U.S. Source
  • Tech companies note need for diversity, but there's been little progress

    Economic CBC News
    The tech industry brought us self-driving cars, artificial intelligence and 3-D printers. But when it comes to racial and gender diversity, its leading companies are no trailblazers. Despite loudly touted efforts to hire more blacks, Latinos and women, especially in technical and leadership positions, diversity numbers at the largest tech companies are barely budging. Source
  • TSX and Dow near record highs as Trump pushes business-friendly agenda

    Economic CBC News
    Stocks markets rose on Tuesday as the new U.S. administration laid out more elements of its pro-business stance. The Toronto Stock Exchange was up by roughly 140 points to above 15,600 late in the trading day, and is now within 50 points of its all-time closing high of 15,657 set in the fall of 2014, before oil prices plummeted from over $100 a barrel to where they are today. Source
  • TSX and Dow close near record highs as Trump pushes business-friendly agenda

    Economic CBC News
    Stocks markets rose on Tuesday as the new U.S. administration laid out more elements of its pro-business stance. The Toronto Stock Exchange was up by roughly 140 points to above 15,600 late in the trading day, and is now within 50 points of its all-time closing high of 15,657 set in the fall of 2014, before oil prices plummeted from over $100 a barrel to where they are today. Source
  • Toyota to add 400 jobs, sink $600M into Indiana SUV factory

    Economic CTV News
    DETROIT -- Toyota says it will add 400 jobs and invest $600 million at a Southern Indiana SUV factory. The announcement Tuesday comes just after President Donald Trump met with CEOs of the Detroit automakers to demand that new factories be built in the U.S. Source
  • Trump expected to OK Keystone XL and Dakota Access pipelines

    Economic CBC News
    President Donald Trump is expected to take executive action Tuesday to advance construction of the Keystone XL and Dakota Access oil pipelines. That's according to a person with knowledge of the action. The president is scheduled to sign orders at the White House late Tuesday morning. Source
  • Trump gives OK to Keystone XL and Dakota Access pipelines

    Economic CBC News
    U.S. President Donald Trump has signed executive orders to move forward on construction of two controversial oil pipelines that impact Canada, giving his OK to the Keystone XL and Dakota Access projects.Keystone XL will be approved 'in the first week': ExpertTrump presidency brings uncertainty for markets, economy in 2017Speaking in the Oval Office in the White House as he signed the orders, Trump said that "we are going to renegotiate some of the terms" of TransCanada's Keystone XL…
  • Ikea recalls beach chair globally after injury reports

    Economic CTV News
    COPENHAGEN -- Swedish furniture retailer Ikea is recalling a beach chair globally after receiving reports that it can collapse and cause injury, such as by pinching fingers. Ikea urges customers with any model of Mysingso beach chair to return them before Jan. Source
  • Trump to take executive action on Keystone XL, Dakota Access pipelines

    Economic CTV News
    U.S. President Donald Trump is expected to take executive action Tuesday to advance construction of the Keystone XL and Dakota Access oil pipelines. That's according to a person with knowledge of the action. The president is scheduled to sign orders at the White House late Tuesday morning. Source
  • Trump signs order advancing Keystone XL, Dakota Access oil pipelines

    Economic CTV News
    Photos U.S. President Donald Trump signs executive orders for the advancement of the Keystone XL and Dakota Access pipelines, Tuesday, Jan. Source