Former financial advisor sentenced to seven years behind bars for defrauding millions from victims
Posted Mar 2, 2017 02:50:05 PM.
Last Updated Mar 3, 2017 06:24:44 AM.
This article is more than 5 years old.
OTTAWA — A former financial adviser has been sentenced to seven years behind bars after defrauding 14 victims in the Ottawa area.
James – also known as Jacques – Scribnock was found guilty of defrauding his victims of nearly $2.7 million
In handing down his sentence, the Justice called it an “egregious fraud.”
He said Scribnock put his family’s luxurious lifestyle above everything else and even went so far as to defraud his own cousin.
Scribnock had set up a number of shell companies, including Stone Securities.
Richard Meehan tells 1310 NEWS he lost nearly $40,000 and doesn’t believe the sentence is harsh enough.
“I think he more or less got a slap on the wrist when you consider the amount of money that he frauded. But not only that, the pain that some of these investors went through. Some of them had to go back to work. He took their life savings, but he [pretended] he was their friend,” said Meehan.
With time already served, Scribnock will spend five years, nine months behind bars.
He must also repay $2.5 million to his victims within 10 years or faces another five years in prison.
