A two-year prison sentence was handed down in a Charlottetown courtroom Monday on a former financial advisor.
57-year old David Hamilton Cudmore had pleaded guilty to 7 counts of fraud, defrauding clients of nearly $1-million – money clients thought were going towards investments. In some cases, victims lost their life savings, but London Life has compensated victims for the money lost. Cudmore has been ordered to pay $978-thousand in restitution to London Life.
Another man at the centre of the case, Frank Harrison Dew, has already been sentenced to 54 months in federal prison as he had pleaded guilty to 26-counts of fraud.