Fraud artist gets house arrest

A former Calgary financial consultant will not have to go to jail after admitting he bilked eight of his clients out of $280,579.

Provincial court Judge Frank Maloney handed the accused a conditional sentence of two years less a day on Monday on one count each of fraud and uttering a forged document.

Maloney imposed the sentence after hearing arguments from defence lawyer Patrick Fagan and Crown prosecutor Jane McLellan.

The accused, 45, originally facing 47 charges involving 17 clients, pleaded guilty last year to the single count involving the fraudulent actions between June 28, 2001, and Aug. 2, 2001, and the forged document between Oct. 31, 2000, and Aug. 2, 2001.

At the time, he was employed with Group Financial Services in Calgary. The charges stemmed from the accused creating forged portfolio statements, then using them to misappropriate funds from his clients.

The accused will remain under house arrest under several conditions imposed by the court. The judge did not make any order for restitution for the clients’ missing money.