Bank manager sentenced for $16-million fraud

Former Edmonton bank manager Nicholas Lysyk sentenced to 7 years, 4 months in prison for stealing $16M from bank.

A former Edmonton bank manager has been sentenced to seven years and four months in prison for stealing $16 million from the Bank of Montreal.

Nicholas Lysyk, 54, pleaded guilty in August to 63 counts of fraud over $5,000.

The sentence had been recommended in a joint submission by Crown prosecutors and Lysyk's lawyer, Brian Beresh.

Alberta's Court of Queen's Bench Justice Paul Belzil called it a "just and fit sentence."

Lysyk admitted to falsifying loans to fictitious customers and spending the money on lavish houses, classic cars and jewelry for himself, his estranged wife, daughter, son-in-law and several women with links to escort agencies.

About $10 million remains unaccounted for.

During Thursday's sentencing hearing, his defence lawyer told the court that Lysyk has suffered public humiliation since his arrest in August 2002.

"He has been subject to conduct that probably no citizen should be subjected to," Beresh said. "He has been taunted on street corners."

Following his conviction on Aug. 30, Lysyk was released on bail pending his sentencing. He was arrested days later and charged with violating his bail conditions. Police accuse him of seeing one of his former mistresses.

That charge was dropped on Thursday.

The Bank of Montreal has filed a civil lawsuit against Lysyk.