Douglas Wayne Schneider of Medicine Hat pleaded guilty to trading in securities without registration, illegal distribution of securities and making misleading or untrue statements to investors, but charges of fraud were dropped by the Alberta Securities Commission.
Jon Edmunds, an investor who lost $100,000 buying securities in The Investment Exchange Mortgage Corp., says the sentence is a “miscarriage of justice.”
He told the Calgary Herald
that after investors had paid for a private investigator to track down Schneider in the U.S., resulting in his extradition back to Canada, they had hoped for a longer sentence. The total lost by investors was $12.5 million and the judge ruled that Schneider was responsible for $1.6 million.
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A court has ruled that one of those involved in a property investment business was not the ‘controlling mind’ of the scheme and handed him a one-year sentence, angering investors.