James Warring Minnie (also known as Terry James Minnie) of Parksville, B.C. has been sentenced to four and a half years in prison for defrauding two B.C. investors of more than half a million dollars. It is the longest sentence ever imposed as a result of a criminal investigation by the British Columbia Securities Commission (BCSC), announced the regulator May 13.
Minnie was sentenced May 8 in B.C. Provincial Court in Victoria after being convicted of two counts of criminal fraud over $5,000. The charges stemmed from money he solicited between 2014 and 2016. With time served, he has eight months left on his sentence, says the BCSC.
In a statement, the regulator explains that Minnie told the two victims that their money would help pay the administrative expenses of a Venezuelan hedge fund that was winding down. “Minnie, who was previously convicted of fraud and theft in 2007 for his role in a scheme that also involved both victims, told them they could recoup their losses from the earlier scheme and make substantial profits after the hedge fund was liquidated. But the Venezuelan hedge fund didn't exist, and Minnie didn't use any of their money as promised,” says the regulator.
Almost all the money was used on personal expenses, including stays at upscale hotels, restaurant meals and liquor, along with many other retail purchases and substantial cash withdrawals, added the BCSC.
In addition to the jail sentence, Minnie has been ordered to repay the victims a total of $543,220 in restitution. He is also prohibited from contacting either of the victims.
"As this sentence shows, we will use all of the legal tools at our disposal to stop fraudsters," said BCSC Executive Director Peter Brady. "Our Criminal Investigations Branch has helped secure 37 convictions and put 18 people behind bars over the past decade. Anyone who is contemplating securities fraud should know that they could face serious jail time for their actions."
