businessman-jail-crime

In a release, the Canada Revenue Agency says James Harvey Cameron, a former resident of Calgary, has been sentenced to 11 years in jail as well as fined $550,892. In March 2017, Cameron was convicted of tax evasion under the Income Tax Act and fraud under the Criminal Code, after CRA found he defrauded investors of more than $2.5 million through a deceptive investment scheme.

Read: Man convicted for fraudulent RRSP scheme

Cameron’s sentencing took place Friday at the Court of Queen’s Bench in Calgary, and the judge ordered Cameron, 66, to pay restitution of $1,831,700 to his victims. If Cameron fails to pay his fine in six months, says CRA, he will have to serve an additional four years in jail for default.

From 2002-2006, CRA says Cameron operated a fraudulent RRSP scheme which promised a 2% monthly return to individual investors. The agency adds the scheme raised just under $8 million, but only paid out a total of $882,000 to investors. CRA says Cameron misappropriated the funds to support his luxurious lifestyle, including buying property, cars, a horse and a $75,000 cruise in the Bahamas. Also, CRA says he transferred funds offshore to Barbados.

CRA’s investigation proved Cameron diverted $3.9 million of the investors’ funds for his own use and failed to report this as income on his tax returns, evading $1,132,882 in taxes.

“I have no doubt whatsoever that [Cameron] executed a deceptive investment scheme with subjective knowledge of the prohibited act and consequences,” said presiding judge, Justice P.R. Jeffrey, in his written reasons for convicting Cameron. “The CRA acted towards him with considerable patience, forbearance and fairness.  He was given ample opportunity to provide to CRA any plausible alternate explanation for what occurred, yet did not.”

Justice Jeffrey commented in his sentencing report: “The $1,831,700 I have ordered payable in restitution should be subtracted from his [Cameron] total taxable income […] Therefore I find his taxable income to have been $2,118,817.”

Originally published on Advisor.ca
Add a comment

Have your say on this topic! Comments are moderated and may be edited or removed by
site admin as per our Comment Policy. Thanks!

See all comments Recent Comments

John Abbenda

I sincerely hope this fool spends the rest of his life behind bars. On another note, why did it take so long to sentence this miserable low life?

Friday, Sep 22, 2017 at 12:24 pm Reply

David McDonald

I am gobsmacked. Mr Cameron operated the scam from 2002 until 2006 and it has taken 11 years to convict him!!!! Where was he until now? In detention? Free? Do you seriously believe that he will pay the fine or provide restitution? How many of the people who were scammed have had their lives totally impoverished? Or were they wealthy enough to have been able to shrug everything off as a bad investment?

Monday, Sep 18, 2017 at 2:41 pm Reply

Phil

Just to clarify your headline…… the CRA does not sentence people to jail, the court system does that.

Monday, Sep 18, 2017 at 1:42 pm Reply

MELISSA.SHIN.1

Thank you – good point. We have updated the headline for accuracy.

Monday, Sep 18, 2017 at 2:00 pm