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
'The lost season': Winter comes to a close as Canada's warmest on record
The warmest winter on record could have far-reaching effects on everything from wildfire season to erosion, climatologists say, while offering a preview of what the season could resemble in the not-so-distant future unless steps are taken to cut greenhouse gas emissions.
Demand soars for solar eclipse glasses in Canada. Are they worth buying?
The demand for total solar eclipse glasses used to safely view the rare celestial event has been ramping up as sellers, along with astronomy and eye-care experts in Canada, warn that viewing the eclipse with the naked eye is dangerous.
Hertz CEO out following electric car 'horror show'
The company, which announced in January it was selling 20,000 of the electric vehicles in its fleet, or about a third of the EVs it owned, is now replacing the CEO who helped build up that fleet, giving it the company’s fifth boss in just four years.
NEW High thoughts: The habits of Canadian cannabis users are revealed in a new StatCan report
Statistics Canada has conducted a series of surveys to measure the impacts of legalized cannabis since the Cannabis Act took effect in 2018. The latest one, the 2023 National Cannabis Survey, sheds light on users' preferences and habits last year.
Freddie Mercury's home is on the market for first time since 1980 minus his 'exquisite clutter'
Freddie Mercury's sanctuary in London, where he lived the last decade of his life, is on sale for the first time in nearly half a century -- minus his "exquisite clutter."
NEW Where to watch the state funeral for former prime minister Brian Mulroney
A state funeral for former prime minister Brian Mulroney will be held in Montreal on March 23. CTV News will have live special coverage of his funeral service.
Trump says Jews who vote for Democrats 'hate Israel' and their religion
Former U.S. president Donald Trump on Monday charged that Jews who vote for Democrats 'hate Israel' and hate 'their religion,' igniting a firestorm of criticism from the White House and Jewish leaders.
NDP motion regarding Palestinian statehood passes after major Liberal alterations
A motion from the federal New Democrats initially calling on Canada to recognize the 'State of Palestine' passed amid widespread acrimony on Monday, after the Liberals drastically altered its wording to see the government simply work towards that aim as part of a two-state solution.
Retired teacher pleads guilty to paying for sex with 15-year-old in Collingwood, Ont.
In a Barrie courtroom on Monday, a retired high school teacher from the Niagara Region pleaded guilty to sexual touching and obtaining sexual services from a 15-year-old boy in Collingwood in 2021.