Regina businessman sentenced to 5½ years
Klaus Link, 66, defrauded clients of $1.7M
A Regina financial advisor who defrauded dozens of investors of $1.7 million is going to prison.
On Wednesday, Queen's Bench Justice Dennis Ball sentenced Klaus Link, 66, to 5 1/2 years — believed to be the longest fraud sentence ever handed down in Saskatchewan.
He also has to pay just under $500,000 in compensation.
Last month Link was convicted of fraud, after using his client's money for business and personal expenses.
Ball said Link got into financial trouble and set up a kind of Ponzi scheme, where money from new investors was used to pay off old investors who were cashing out.
According to the court, Link cheated 19 people and companies of over $1.7 million, over the course of more than six years.
"[The] victims included people who had very little money to lose and virtually no knowledge about how to invest their money," Ball said in his decision, noting they put their trust in Link and he betrayed them.