Monday, January 19, 2009
CBC News,
CBC News,
James Norbert Hester sentenced to prison for Ponzi scheme
A Calgary man has been sentenced to three years in prison for what a judge called a "complex, sophisticated and deliberate" pyramid scheme. James Norbert Hester, 68, had pleaded guilty to cheating 35 Calgary investors out of $615,765 for a program he said would help schools raise money for education programs.
[CBC News] Hester had been convicted of a similar crime in Texas in 1990 and violated the conditions of his release in Calgary twice.
When he pleaded guilty to one count of fraud over $5,000 last year, Hester admitted to taking payments of between $500 and $100,000 from investors and promising them high returns in a short period of time.
Instead, more than $165,000 went into Hester's pocket, the court heard. There was no evidence on where that money was spent.
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Posted by Editor on 01/19/09 at 07:23 AM •
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