By Troy Gillard

COURT

Former financial advisor gets two years for stealing $200,000 from clients

Sep 2, 2020 | 12:42 PM

A former financial advisor will spend the next two years behind bars for defrauding several victims in Red Deer of more than $200,000.

Shaun Wayne Howell was sentenced Wednesday morning in Red Deer Court of Queen’s Bench after previously pleading guilty to three counts of fraud. He was handed two years in prison as was jointly requested by Crown prosecutor David Holtby and defence lawyer Daniel Murphy.

Howell admitted to bilking approximately $200,000 from three Red Deer couples between 2013 and 2015. In each instance, Howell took cheques from the couples for between $5,000 and $70,000 and instead of investing the money took it for personal use.

RBC Dominion Securities, whom Howell was working for at the time, repaid the clients in the amount of $155,408. Howell was ordered Wednesday to repay that amount by Sept. 2, 2023 or be subject to civil court proceedings.

In an agreed statement of facts, court heard that Howell was dealing with difficult personal circumstances, including family issues and a gambling problem, when he committed the crimes. Court also heard that Howell used some of the money he stole to repay others he had borrowed from, and that he was stealing the money in part to try and keep up with wealthier friends.

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Justice Earl Wilson called Howell a “thief” and said he had little sympathy for Howell for why he did what he did.

“People have gone through a hell of a lot more difficulty in their lives than you did,” Wilson scolded in his remarks to Howell. “The great tragedy in these cases is that people like you have committed these crimes have trusted you. These things in many ways become the ultimate betrayal.”

It was acknowledged that Howell has long regretted his actions and made no attempt to get away with them. He entered guilty pleas early during court proceedings and was co-operative with law enforcement and court officials.

Howell lost his marriage following his arrest and took to working an entry level job in a bid to rebuild his reputation, a job that involved such basic tasks that included rock picking that left him subject to humiliation.

One of Howell’s fraud victims was impressed enough by his attempt at positive change to vouch for him to Howell’s employer, who will have a job waiting for him upon his release from prison.

Wilson told Howell that his future “may be somewhat better than it is for many other individuals” in his situation due to his eagerness to improve himself. He also suggested to Howell that living with the guilt he feels over his actions will be a greater burden than any time spent behind bars.

In 2016, Howell was fined $500,000 and permanently banned from being an investment dealer by the Investment Industry Regulatory Organization of Canada for breaching industry rules.