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
BREAKING Honda to get up to $5B in govt help for EV battery, assembly plants
Honda is set to build an electric vehicle battery plant next to its Alliston, Ont., assembly plant, which it is retooling to produce fully electric vehicles, all part of a $15-billion project that is expected to include up to $5 billion in public money.
BREAKING New York appeals court overturns Harvey Weinstein's 2020 rape conviction from landmark #MeToo trial
New York’s highest court on Thursday overturned Harvey Weinstein’s 2020 rape conviction, finding the judge at the landmark #MeToo trial prejudiced the ex-movie mogul with improper rulings, including a decision to let women testify about allegations that weren’t part of the case.
1 arrested in northern Alberta during public shelter order
Residents of John D'Or Prairie, a community on the Little Red River Cree Nation in northern Alberta, were told to take shelter Thursday morning during a police operation.
Secret $70M Lotto Max winners break their silence
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
Remains from a mother-daughter cold case were found nearly 24 years later, after a deathbed confession from the suspect
A West Virginia father is getting some sense of closure after authorities found the remains of his young daughter and her mother following a deathbed confession from the man believed to have fatally shot them nearly two decades ago.
Monthly earnings rise, payroll employment falls: jobs report
The number of vacant jobs in Canada increased in February, while monthly payroll employment decreased in food services, manufacturing, and retail trade, among other sectors.
First in Canada procedure performed at London, Ont. hospital
A London man has become the first person in Canada to receive a robotic assisted surgery on his spine. Dave Myeh suffered from debilitating, chronic back pain that led to sciatica in his right now and extreme pain in his lower back.
Doctors say capital gains tax changes will jeopardize their retirement. Is that true?
The Canadian Medical Association asserts the Liberals' proposed changes to capital gains taxation will put doctors' retirement savings in jeopardy, but some financial experts insist incorporated professionals are not as doomed as they say they are.
Something in the water? Canadian family latest to spot elusive 'Loch Ness Monster'
For centuries, people have wondered what, if anything, might be lurking beneath the surface of Loch Ness in Scotland. When Canadian couple Parry Malm and Shannon Wiseman visited the Scottish highlands earlier this month with their two children, they didn’t expect to become part of the mystery.