It should have been a case of “once burnt, twice shy”.
Instead, a convicted fraudster has been found guilty of ripping off two B.C. investors for a second time— promising they could regain money he stole from them in 2007, by sinking their money into a new scheme.
Unfortunately, that scheme was a scam, too.
And Terry James Minnie, aka James Warring Minnie, put the money directly into his own pocket.
“He used the money for his own personal purposes, including upscale restaurants, hotels, liquor, and his own personal expenses,” said Doug Muir, director of enforcement for the B.C. Securities Commission (BCSC).
Minnie, 56, has been convicted of two counts of criminal fraud over $5,000 in B.C Provincial Court in Victoria.
Doug Muir, director of enforcement for the B.C. Securities Commission, says Minnie pocketed investors’ money. (BCSC/ Supplied)
“This case was particularly serious because Mr. Minnie had committed investment fraud in the past … that’s why the Crown in this case asked for a lengthy sentence,” said Muir.
Minnie, a resident of Parksville, has been sentenced to four and a half years in prison — the longest term ever imposed, as a result of a criminal investigation conducted by the BCSC.
Due to time already served behind bars awaiting trial, that sentence has been reduced to 242 days.
Papua, New Guinea, Venezuela fake schemes
In 2007, Minnie convinced investors to sink $1.8 million into a fake lumber project in Papua New Guinea. He served five years for that crime.
But once released, the BCSC says Minnie went back to two of his former victims and convinced them they could recoup their losses and make a substantial profit by investing in a Venezuelan hedge fund.
Turns out that fund didn’t exist either.
And between 2014 and 2016, he took the two B.C. residents for over half a million dollars.
Minnie was arrested at the Beach Acres Resort in Parksville in October 2017 by the Oceanside RCMP.
He was held in custody since his arrest.
Now, in addition to his jail time, Minnie has been ordered by the courts to repay the investors $543,000 in restitution. After his release, he won’t be raising that money by promoting more investment schemes.
The BCSC has banned Minnie from trading or purchasing securities or engaging in investor relation activities — permanently.
CBC Vancouver’s Impact Team investigates and reports on stories that impact people in their local community and strives to hold individuals, institutions and organizations to account. If you have a story for us, email impact@cbc.ca.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
