Man sent to jail for fraud and theft in bogus Kelowna investment scheme

KELOWNA  – He’s behind bars and he has to pay the money back.

A man earlier convicted in a Kelowna fraud trial has now been sentenced.

After a two week trial, a jury found Ralph Bartholomew Edward Kelly, 51, guilty of fraud and theft for his role in a bogus investment scheme.

Several members of a Kelowna family collectively lost almost $250,000 after responding to an on-line advertisement for an investment opportunity with United Business Development Inc. that promised quick and significant returns.

But Kelly and his business partner, Raymond Patrick Shaw, spent the money on themselves.

“I no longer have a business, I no longer have a family or a marriage. Any money I would have had for retirement is gone. So I’m starting over at 50,” says fraud victim John Miller.

Kelly has been sentenced to one year in jail and ordered to pay restitution of $152,500.

Despite that, Miller is not optimistic he or his family members will ever recover any of their money.

“I’ve been told there’s not a lot of teeth to that (restitution order).”

In July, Raymond Shaw was sentenced to four years imprisonment.

“They happened to catch me at a point in my life when I was looking for something bigger to do. What they presented to me seemed exciting,” says Miller.