Canadian scammer accused of stealing $15 million robbed elderly woman of $2 million

The law firm employed by Roy Turcotte, his wife, and daughter Rachael explains they have no comment Turcotte owes some investors $10.3 million. His money manager, will call this a settlement. Experts consulted to…

Canadian scammer accused of stealing $15 million robbed elderly woman of $2 million

The law firm employed by Roy Turcotte, his wife, and daughter Rachael explains they have no comment

Turcotte owes some investors $10.3 million. His money manager, will call this a settlement. Experts consulted to assist Turcotte suggest this is a strategy for still more settlements in the years to come. Experts consulted to assist Turcotte suggest this is a strategy for still more settlements in the years to come.

After taking money from investors, he bought gold and diamond stocks, a $7.5 million lotto win, TV and clothing companies, sports teams, bars, restaurants, health clubs, mines, real estate, and a $4 million senior citizen’s home for his daughter.

The federal authorities arrested Turcotte after an eight-month sting operation. He’s pleaded not guilty to a fraud count.

At his arraignment, Turcotte called the money management he did “simple and straightforward” and said that “the threat of going to jail has been behind my back for a while, I’ve been allowed to have what I thought was a pretty healthy lifestyle since I was accused of fraud and never have to worry about that and never will.”

An Ontario court ordered Turcotte to pay $15 million. The report by the federal prosecution team came to a different conclusion and argued Turcotte had “fallen well short of the $15 million in assets required by the evidence presented.”

Lead prosecutors Robert Frater and Richard Stevens argued that the Turcotte fortune was ill-disguised “a crime of opportunity” in which the senior citizen used his contacts in the legal, business and financial communities to exploit many people by luring them to invest in his scams.

After taking money from investors, he bought gold and diamond stocks, a $7.5 million lotto win, TV and clothing companies, sports teams, bars, restaurants, health clubs, mines, real estate, and a $4 million senior citizen’s home for his daughter.

Experts consulted to assist Turcotte suggest this is a strategy for still more settlements in the years to come.

They advised Turcotte that he be charged with a charge of grand larceny in the first degree and ordered to serve 10 years. They also advised Turcotte to enter into a $7.5 million fraud compensation fund. They then recommended that he be kept in custody.

But Turcotte’s lawyer Peter Gendron recommended he be released on his own recognizance “therefore completing the very substantial conditions imposed upon him.”

After promising to appear in court, until then no further information about the case will be made public. The only record of pending motions is a usual one, an interim bail motion because the Ontario Superior Court Justice Janine Kovar denied Turcotte bail on Sept. 20, 2017.

She commented at the time: “Our own financial institutions, which hold personal information on anyone who has ever dealt with Turcotte, including brokerage firms, have expressed concerns with Turcotte’s release. It is in the public interest to keep Turcotte in custody pending the completion of his case before this court.”

The public interest is served by keeping Turcotte behind bars. Librarians in the district court records centre have a long file on the Turcotte fraud case. It is clear that people in Canada’s financial industry shared their concerns about his release from custody.

Fortunately, criminal charges never solved the problems for those victims who lost their savings to Turcotte. It isn’t yet known whether other victims will be compensated.

The federal charge of grand larceny in the first degree carries a maximum penalty of 10 years in prison, but the money laundering charge carries no immediate penalty and, if Turcotte is convicted, the maximum penalty is three years.

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