The accused was tried on charges of fraud over $5,000 and money laundering arising from his operation of two investment companies.
The Crown alleged the accused ran a Ponzi scheme, soliciting funds from investors under the guise of short-term commercial loans while actually using the money to pay earlier investors, cover operating costs, and enrich himself.
The court found that the accused intentionally deceived investors about the nature, purpose, and security of their investments.
The accused was found guilty on both counts, with the court concluding he orchestrated an overarching fraudulent scheme that deprived investors of over $54 million.
