Former Edmonton HSBC employee sentenced to 4 years after defrauding bank of $3M
An Edmonton man has been sentenced to four years in prison after defrauding the bank he worked at of more than $3 million between 2004 and 2008.
Theodore Glade, 66, pleaded guilty to fraud and forgery charges and was sentenced in Alberta Court of Queen's Bench on Tuesday.
"This was a planned and sophisticated series of frauds which were only possible because of Mr Glade's position of trust and responsibility with his employer," Justice Robert Graesser said.
"He defrauded the bank of a substantial sum of money over a lengthy period, some four years."
An emotional Glade addressed the court, saying that he was sorry for what he had done and for bringing shame on to his family.
"My sincere apology to the court, to my family and to those I've harmed. I should have been setting a better example to my granddaughter," he said. "I can never make it up."
"I accept my full responsibility for what I have done."
Glade had 171 days deducted from his sentence for time already served in custody.
MULTI-MILLION DOLLAR FRAUD
Glade began working at HSBC in Vancouver in August of 2001.
He transferred to Edmonton two years later and by 2005 had been promoted to a role as a senior account manager in the bank's commercial financial services section.
According to an agreed statement of facts, Glade misappropriated funds and created false accounts and documents for clients between April 2004 and July 2008.
The court heard how some of the funds were used for personal purposes by Glade and his partner, some were spent on his partner's family and some went to clients who later were their families.
HSBC said it lost $3,058,116 due to the fraud.
It's not clear exactly how much Glade benefited from the scheme but the court heard Tuesday it is estimated to be in the "high hundreds of thousands of dollars."
"The motive here was at least partly greed to fund an extravagent lifestyle," said Graesser.
In 2010, the bank sued Glade and obtained a $1.6 million civil judgment against him, though HSBC has received none of that money in the 11 years since.
Glade's then-partner, Edmund Leonardo, had also previously been ordered to pay $400,000 in restitution for his role in the fraud.
The two separated years ago and Leonardo has already received a two-year sentence for his role in the crimes.
Crown prosecutors had sought a sentence of between five and six years
Glade's lawyer argued for a two-year conditional sentence, noting Glade's age, health issues that require the use of a wheelchair and oxygen tank as well as his lack of a prior criminal record.
Graesser cited "an element of unfairness" in the eight-year delay between when the fraud was exposed and when Glade was charged.
But he also rejected arguments around Glade's age and health as a mitigating factor, saying his health needs could be managed while incarcerated.
"Illnesses and conditions resulting from the aging process are not a stay out of jail card," said Graesser.
Glade is ordered to turn himself in to the Edmonton Remand Centre by noon on June 29.
CTVNews.ca Top Stories
'A beautiful soul': Funeral held for baby boy killed in wrong-way crash on Highway 401
A funeral was held on Wednesday for a three-month-old boy who died after being involved in a wrong-way crash on Highway 401 in Whitby last week.
'Sophisticated' cyberattacks detected on B.C. government networks, premier says
There has been a "sophisticated" cybersecurity breach detected on B.C. government networks, Premier David Eby confirmed Wednesday evening.
Police handcuff man trying to enter Drake's Toronto mansion
Toronto police say a man was taken into custody outside Drake's Bridle Path mansion Wednesday afternoon after he tried to gain access to the residence.
Biden says he will stop sending bombs and artillery shells to Israel if they launch major invasion of Rafah
U.S. President Joe Biden said for the first time Wednesday he would halt shipments of American weapons to Israel, which he acknowledged have been used to kill civilians in Gaza, if Prime Minister Benjamin Netanyahu orders a major invasion of the city of Rafah.
Canucks claw out 5-4 comeback win over Oilers in Game 1
Dakota Joshua had a goal and two assists and the Vancouver Canucks scored three third-period goals to claw out a 5-4 comeback victory over the Edmonton Oilers in Game 1 of their second-round playoff series Wednesday.
Nijjar murder suspect says he had Canadian study permit in immigration firm's video
One of the Indian nationals accused of murdering British Columbia Sikh activist Hardeep Singh Nijjar says in a social media video that he received a Canadian study permit with the help of an Indian immigration consultancy.
Pfizer agrees to settle more than 10K lawsuits over Zantac cancer risk: Bloomberg News
Pfizer has agreed to settle more than 10,000 lawsuits about cancer risks related to the now discontinued heartburn drug Zantac, Bloomberg News reported on Wednesday, citing people familiar with the deal.
Quebec premier defends new museum on Quebecois nation after Indigenous criticism
Quebec Premier Francois Legault is defending his comments about a new history museum after he was accused by a prominent First Nations group of trying to erase their history.
U.S. presidential candidate RFK Jr. had a brain worm, has recovered, campaign says
Independent U.S. presidential candidate Robert F. Kennedy Jr. had a parasite in his brain more than a decade ago, but has fully recovered, his campaign said, after the New York Times reported about the ailment.