Investment scam mastermind to be sentenced in ‘Ponzi scheme’ fraud
HALIFAX — A Nova Scotia financial manager who was the mastermind behind an investment scam that bilked about 200 investors out of more than $1 million is to be sentenced later this year.
Quintin Sponagle of Upper Vaughan, N.S., pleaded guilty to fraud last month from his work with Jabez Financial Services Inc. of Windsor, N.S. — a company that was registered in Panama.
He has admitted in court that he was responsible for $1.1 million worth of fraudulent activity.
Sponagle was supposed to be sentenced Thursday, but provincial court Judge Anne Derrick granted an adjournment to allow him more time to consult with a lawyer — something he chose not to do early in the proceedings. She also said more time was needed to pull together victim impact statements.