Canadian Broker Jailed for 7 1/2 Years, Paper Says
Toronto, March 13 (Bloomberg) -- A Canadian broker was sentenced to 7 1/2 years in jail and ordered to pay C$6.1 million ($3.95 million) to some of his fraud victims, the Globe and Mail reported.
Michael Holoday, 37, was found guilty on 14 counts of investment fraud last month. His victims, including his employer, clients and his mother-in-law, lost a total of C$12.8 million from 1991 and the fall of 1994, making it one of the biggest cases of fraud by a single broker in Canada, the paper said.
An Ontario Superior Court was told that Holoday traded without clients' consent, wrote personal checks to maintain their confidence and hid losses from them and his employer, the paper said. Meanwhile, he spent lavishly on vacation homes and entertaining.
``Mr. Holoday is a dangerous man,'' said Justice Patricia German, who described Holoday's actions as ``a systematic course of deliberate criminal conduct,'' the paper reported.
Holoday, who worked for Midland Walwyn Inc. and First Marathon Inc., is banned for life from trading securities by the Investment Dealers Association of Canada. Some of his victims lost their life savings, the Globe said.
(The Globe and Mail 3/13, B6)
Mar/13/2001 11:06 ET
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