Ponzi scheme nets 6-year prison term

A former investment manager in eastern Ontario has been sentenced to six years in prison for bilking dozens of seniors out of their life savings.

Bruce Elmore, 61, of Kemptville, Ont., was convicted by a jury April 23 on eight charges of theft and fraud. He was also found guilty of making false claims about his firm, Elmore Investment Services, and refusing to answer questions during the bankruptcy process after his company declared bankruptcy in 2002.

The Crown said Elmore ran a Ponzi scheme between 1997 and 2002 that defrauded about 30 people of amounts ranging up to hundreds of thousand of dollars each.

The clients, many of whom were elderly, believed Elmore was placing their money in GICs and other conservative financial products. Elmore, who defended himself in the trial, pleaded not guilty to all charges, and claimed his clients knew he was investing their funds in high-tech stocks and real estate.

Some of his clients died before his trial started in January.

During sentencing Friday, about 20 of Elmore's victims were in the courtroom. Elmore kept his head down during the proceedings, then erupted in tears when he heard the sentence.

The Crown had been seeking a 10-year prison term.