Crown wants two-year jail term for Kamloops Ponzi scammer
The Crown wants an admitted Kamloops Ponzi scammer — who duped eight clients out of more than $300,000 — locked up in a federal prison for two years, a judge heard today (June 21).
Ed Chieduch appeared in person in Kamloops provincial court as the Crown laid out its case against the 58-year-old former financial planner.
Court heard Chieduch used forged investment documents to take money from clients over a five-year span dating back to 2005.
Crown prosecutor Chris Balison said Chieduch told police he was a victim himself — getting suckered into a so-called Nigerian email scam.
"He told police he was caught up in a bad overseas investment," Balison said.
"He used this [Ponzi scheme] to try to make up for his own losses."
Balison said the scam netted Chieduch $312,000.
In 2010, Chieduch had his licence yanked by the Insurance Council of B.C. — at about the same time a police investigation into his actions was getting off the ground.
A number of Chieduch's victims were in court for today's hearing.
Chieduch is slated to return to court on July 26 to be sentenced.