Lino Matteo, the former CEO of Mount Real Corp. and ringleader of a Ponzi scheme that defrauded 1,600 of his clients of more than $135 million, was sentenced this morning to 5 years less a day in prison and a fine of $4.9 million.
"It feels really good to see justice finally served," said Janet Watson, who lost $68,000 in the scheme. "It was everything we asked for, everything we wanted."
Watson has been waiting for 12 years for this day. She says that hardest part has been hearing the stories of heartbreak from all the victims.
"Most of the emotion I felt has been dealing with the victims who call me and cry," she told reporters through teary eyes after the verdict was read. "I hope he rots in jail. He's getting what he deserves."
The five years of prison time will be added on to the seven years and 11 month sentence that Matteo was handed in Cinar case, which is currently under appeal.
"We are very satisfied and very proud of this sentence," said Sylvain Théberge, a spokesperson for the Autorité des Marchés Financiers (AMF), Quebec's securities regulator. "We are talking today about probably the most important securities case on Canada. It sends a clear signal