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Download Flash Player to view this content. Getting Off Easy
There's a dirty secret hidden under the white collars of convicted fraudsters and con artists. Even after stealing millions from innocent victims or bilking charities, first-time non-violent offenders are eligible for parole after serving as little as one-sixth of their sentence. Free to go with what some see as a slap on the wrist, some crooks and cons are released and at risk to re-offend without being required to pay restitution to their victims. As Bill C-59 — the Abolition of the Early Parole Act — winds through Parliament and makes its way to the Senate, Hana Gartner takes a look at the cons and crimes of two fraudsters previously featured on the fifth estate and reveals what's become of them since they were locked up. Financial advisor Earl Jones, the Canadian Bernie Madoff who fraudulently drained millions from the bank accounts of friends and clients, could walk out of prison by next Christmas after serving just 22 months of an 11-year sentence. Jones was a pillar of Montreal's English community. He defrauded 158 clients out of $50 million in an elaborate Ponzi scheme. Several former clients lost their homes and life savings and have never reclaimed any of their money. As Bill C-59 comes up before the Senate, Jones' victims hope they are one step closer to ensuring white collar criminals don't get off easy. |
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I am currently dealing with a group of individuals that are known to Authorities and Regulatory agencies who have used their knowledge of the system to launch investigations against my wife and I with the most awful allegations one could imagine. We have lost our business and now face personal bankruptcy as law enforcement seems to take a passive approach to dealing with these types.
We have undergone several audits and investigations that have cleared us of any wrong doing and now find ourselves helpless to defend the same allegations all over again in the form of personal attacks and vexatious lawsuits.
Something has to be done to deal with these types.
These types of crimes and criminals cause as much, if not more damage to their victims than a robbery or break and enter.
When you have elderly couples who's entire retirement savings are liquidated by a fraudster, what are they to do? Go back and get a job?
A mugger can steal your wallet, someone can steal your car, but these "things" can steal your entire life, ruin your future. Because there was no violence involved they are somehow a better class of criminal, and they deserve to get out early? Bollocks.
These crimes deserve, in my opinion, an even harsher penalty because of the lasting and complete damage to a person's life. Get two years for stealing a car, get 6 months for stealing hundreds of thousands of dollars and condemning families to a retirement of poverty... Makes me ill.
Incidentally both the Crime & the Criminal are relative terms
Great piece, I really feel that the courts are overloaded with much more henious crimes against human beings and white collar crime is somewhat basically a trust issue and nothing more... you have to consent to transfer your funds and so therefore there is some responsibility for the victim... and therefore I believe the courts are right in line with what takes precedence of occupying space in corrections and how much time... I am good with it...
walter kruipers (post #2) is right on the mark -- the lack of new material is a weak effort and misleading to your viewers. Tsk.
The term white-collar crime only dates back to 1939.
Professor Edwin Hardin Sutherland was the first to coin the term, and hypothesize white-collar criminals attributed different characteristics and motives than typical street criminals.
I am a proponent of 'Symbolic Interactionism', and believe that criminal behavior is learned from interpersonal interaction with others,for example;the negotiation of agreements between a state and a corporation will be at a relatively senior level on both sides, this is almost exclusively a white-collar "situation" which offers the opportunity for crime.
When senior levels of a corporation engage in criminal activity using the company this is sometimes called 'control fraud'.
These fraudsters worked in a regulated environment. They required many other regulated professional services to carry out their unlawful activities. These professionals are insured against improper behaviour. Their insurance companies should be the one compensating those defrauded and then recovering the loss from the perpatrator. These self regulating organizations want to police themselves but they expect the public's police to find the culprit. Why should the public's police and the costs not be reimburst for negligent regulation? These regulators have the authority to demand disclosure by their members. Wilfull blindness is mens rea.
We experience white collar crime everyday. Paying extremely high taxes in Ontario created by the Dalton McGuinty government and not have anything beneficial in this province to show for it. They have been getting away with this for 7 years now, and we are letting this happen by voting unintelligently.
Who wrote the law-a crook? First time should only be a small consideration in the sentencing or maybe even not at all. It should be the scope of the embezzlement. Jones even conned his own brother. He left people totally broke, without anything. Jones is a true psychopath. No feelings, no empathy, no remorse for anyone. It is the nature of the crime that should be the only thing that matters and how the accused carried out his crimes for years. Lock him for this monstrous crime for a good long time. A few years isn't enough.
This program was an ad for fraud, promoted by the lack of punishment and restitution.
You could see how much Canadian law discourages white collar crime. He even tried to con CBC in the interview.
If I understand a Ponzi scheme... it works like musical chairs..... when the cash flow stops SOME of the investors are out of their investment but OTHERS have already profited and cashed out of the investment plan. Has the 5th estate become naive? Who knew what when is the question.
Fraud with real estate (defective or no title) is easier to track since there are so many involved in the many transactions and paper documents. Cash investments are often rapid digital transactions between bank computers?
The ideal Ponzi Schemer selectively chooses the losers and winners in the schemes. The "winners" would have the most influence to prevent or corrupt an investigation. The losers vulnerable shy loners?
Maybe these fiscal "Actors" and "Actresses" do their own stunts. Did they catch the con artist or the fall guy?
Thank you Bill for your comments. As a victim of investment fraud I know first hand the impact it has on an individual, the family and relationships. I do certainly feel alone in this, as I have contacted all authorities including the securities commissions and the RCMP. The RCMP even admitted that there has been worongdoing , but they have a limited budget for securities crimes investigations and can only afford to go after the slam dunk cases..ie the stupid fraudsters.. the really good ones slither away scot free. It only leaves vigilante justice as the final solution.
here is a tongue in cheek thank you from Canadian Investment Bankers......for the new crime bill, C21 (minimum sentences for fraud) have "exempted" us public markets players:
Thank you Mr. Prime Minister,
From: Canadian Association of Investment Bankers, Dealers, Brokers
Re: Passing Bill C21 and eliminating the section that would apply to “public markets fraud”. You have saved us potential jail time. A thank you.
Dear Mr. Prime Minister,
We, the Investment Bankers of Canada would like to thank you for your overly generous support of our industry.
Your house recently passed a bill, C21, which had the one thing we had asked you for in it, namely, the removal of the minimum jail sentence of two years for “public markets fraud”. Thank you ever so much.
Without removing that, we would have found our investment people subject to jail term minimums on stock and bond market frauds or market manipulations and misrepresentations. We count a great deal on these things to help us in our efforts to profit. Even as recent as Feb 15th, The National Post had an article by former OSC chair Ed Waitzer that suggested that there was fraud going on in areas of market participant misrepresentation. It would be simply devastating if we were to ever have to face consequences on anything like this.
We are so grateful to you for allowing us to “strike out” the section of the criminal code, while passing this bill. We don’t feel that anyone will even take notice. (section 380, subsection (2)) It was the only thing in there that mentioned fraud by those who deal in stocks, bonds and mutual funds, in fact all public market instruments.
When Marlene Jennings spoke up about that in the previous parliament, we were almost outed, (having portions of the criminal code removed as they applied to us) but thanks to your brilliant proroguing move, none have had the time to mention it again.
Sincerely,
Canadian Association of Investment Bankers, Dealers, Brokers
PS. Can you please now make sure that it goes through The Senate Standing Committee on Legal and Constitutional Affairs without a fuss? Thanks again.
(www.albertafraud.com)
How can they say it was a first time offence when Jones cheated person after person over decades?
It was NOT an isolated act. Not a 'first time offence' but 'first time caught.'
In Canada, when innocent people including seniors are defrauded of their money they are completely on their own. Canadian Government is a useless tool when it comes to protecting it's citizens against fraudsters, they obviously couldn't care less. Canada is no different than Nigeria. It pays like no other job to be a fraudster or scammer in Canada. Rip people off for millions and do a few months in jail. Not bad when you consider the hourly rate of pay and the free room and board.
Saying it's non violent crime suggests that no one got hurt. If no one got hurt why are there so many tears.
I'm sure more than one person has died from stress or committed suicide over large scale fraud. Why should it matter if the con artist had a finger on the trigger. They did the deed and should pay the price.
I want to know how David Reiner was able to leave the country after getting out of prison. How do you get a passport with a criminal record? I though you couldn't leave the country.I know he didn't get a pardon that quickly.
Canada has open season for fraudsters. No matter how little or how much fraudsters scam people, the government, the courts and the judges repeatedly fail to convict. All fraudsters should be convicted and made to serve their full sentence and that includes the child support fraudsters who get away with multiple crimes in Canada. Mothers who collect fraudulent child support for missing adults, long past the age of majority. Stop the torture!
You should be ashamed of yourselves! You hyped a 1 hour program about financial scam artists with endless promos. What you delivered was 40 minutes
(plus or minus) of the original programming, already repeated many times. In total, the only new content we received was a combined 2 minutes of the sentences they received and a simple statement of their sentences served.
No mention of how Mr. Reimer was able to leave the country, no commentary or opinions about compensation being a condition of parole, denial of passports etc.
Just lazy, shoddy, low budget, CNN style reporting
CBC is capable, and does better. This one was crap!
We always punish a thief less severely than we punish a thug. Impact on the victim may be severe but those who use a pen or a tongue get off lighter than those who use their fists.