MONTREAL – Fraudsters found guilty of white-collar crimes in Canada will, starting today, face a justice system that doles out tougher sentences.
A number of new legal measures from Ottawa have officially come into force as part of just-adopted Tory legislation against white-collar crimes.
Justice Minister Rob Nicholson served notice to financial fraudsters and Ponzi schemers who target unwitting investors.
“This legislation stands up for victims of fraud and makes it easier for them to seek the restitution that they deserve,” Nicholson told a news conference.
“Individuals who perpetrate fraud will face sentences that match the severity of their crimes.”
The stiffer penalties include a mandatory two-year prison sentence for fraud over $1 million.
Also, judges handing down sentences will now take into consideration certain aggravating factors, like the impact of the fraud and the complexity of it.
The legislation will also require judges to consider restitution, requiring a guilty party to repay victims.
A judge will also be able to consider community impact statements when rendering a decision – as opposed to victim impact statements. Nicholson said that switch recognizes that victims of financial crime often extend beyond those who’ve been hit with an immediate financial loss.
Nicholson made the announcement in Quebec, where calls for tougher sentences have been vocal following major Ponzi schemes perpetrated by Earl Jones and Vincent Lacroix’s Norbourg asset management.
While the new legislation comes too late for their specific cases, representatives of thousands of victims hope that the new rules will help people down the road.
“It’s a welcome announcement after almost two-and-a-half years of struggle for victims of white-collar crime,” said Joey Davis, a spokesman for victims of Quebec fraudster Earl Jones.
“We see this as the next step.”
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