Local financial planner to learn sentencing fate
A disgraced Kamloops financial planner who admitted to scamming eight former clients out of more than $300,000 is expected to return to court on Thursday, Sept. 13, to learn his fate.
The Crown wants Ed Chieduch locked up for two years in a federal prison.
The 58-year-old used forged investment documents to swindle clients in a Ponzi scheme during a five-year span dating back to 2005.
At a hearing in June, court heard he told police he’d been suckered into a so-called Nigerian email scam and was covering his own losses with his clients’ cash.
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.
Chieduch pleaded guilty in May and was initially supposed to be sentenced on June 7. That hearing was pushed back first to July and then to September.
In addition to the criminal charges, a number of Chieduch’s victims have filed lawsuits against him.
He was also sued by the company from which he used to rent office space in a Victoria Street building.
In previous court appearances, Chieduch’s victims have been identified as ranging from a recently divorced single mother to a small-business owner to a deceased woman’s estate.
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