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

  • National contest tries to convince students that lucrative sales jobs are 'sexy'

    Economic CBC News
    Sonya Meloff wants everyone to know that a career in sales is sexy. Not sleazy. "I think that sales is a really sexy job," says the founder of the Toronto's Sales Talent Agency. "You get to be at the forefront of representing a company, you're the one that gets to talk to the customers. Source
  • Report examines grim Bangladesh leather trade, links to West

    Economic CTV News
    DHAKA, Bangladesh -- Hazardous, heavily polluting tanneries, with workers as young as 14, supplied leather to companies that make shoes and handbags for a host of Western brands, a non-profit group that investigates supply chains says. Source
  • Notley: Keystone XL doesn't lessen need for Energy East, Trans Mountain

    Economic CTV News
    CALGARY -- Alberta Premier Rachel Notley says U.S. approval of the Keystone XL pipeline does not lessen the need for two other controversial proposals within Canada's borders. U.S. President Donald Trump announced the green light for the line more than eight years after Calgary-based TransCanada first applied for a cross-border permit. Source
  • Trump's Keystone XL decision sets up new fight in Nebraska

    Economic CTV News
    LINCOLN, Neb. -- U.S. President Donald Trump may have approved a federal permit for the Keystone XL pipeline, but the fight is far from over in Nebraska, the one state in its path that has yet to approve the project. Source
  • Toronto stock index extends rally, Wall Street mixed after 'Trumpcare' pulled

    Economic CBC News
    Specialist Stephen Naughton, left, and trader Michael Milano work on the floor of the New York Stock Exchange on Wednesday. North American equity markets finished mixed on Friday after U.S. Republicans withdrew their bill to overhaul Obamacare. Source
  • PepsiCo, Wal-Mart, Starbucks join YouTube ad boycott in U.S.

    Economic CTV News
    SAN FRANCISCO -- An advertising boycott of YouTube is broadening in a sign that big companies doubt Google's ability to prevent marketing campaigns from appearing alongside repugnant videos. PepsiCo, Wal-Mart Stores and Starbucks on Friday confirmed that they have also suspended their advertising on YouTube after the Wall Street Journal found Google's automated programs placed their brands on five videos containing racist content. Source
  • Debate renewed over economic benefits of Keystone XL pipeline

    Economic CTV News
    U.S. President Donald Trump is calling his administration's approval of the Keystone XL pipeline a new era for American energy policy. As expected, the State Department reversed a decision by the Obama administration and favoured energy development over environmentalists' objections to the pipeline, which will carry thick Canadian crude oil to Nebraska, where it can flow on to refineries along the Gulf Coast. Source
  • BRP could move Mexican production if NAFTA changes too onerous, says CEO

    Economic CTV News
    MONTREAL -- The company that makes Ski-Doos, Sea-Doos and Spyder vehicles says it could move production from Mexico if NAFTA changes result in hefty border taxes, but BRP chief executive Jose Boisjoli is hoping "common sense" will prevail during upcoming negotiations. Source
  • FCA to wind down transport operations in Windsor

    Economic CBC News
    Nearly 300 jobs could be eliminated at Fiat Chrysler Automobiles as the automaker winds down its FCA Transport operations in Windsor. "Retirement packages will be offered to eligible employees at the Windsor Assembly Plant, which includes FCA Transport," said a company spokesperson in a statement. Source
  • Dakota Access pipeline builder, U.S. government want lake crossing upheld

    Economic CBC News
    The company building the $3.8 billion US Dakota Access oil pipeline and the Army Corps of Engineers want a judge to reject a request by American Indian tribes to revoke permission for the project to cross a Missouri River reservoir in North Dakota. Source