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James Harvey Cameron has been sentenced to 11 years in prison and fined over $550,000 after being found guilty of tax evasion.
The former Calgary resident was convicted of tax evasion after the Canada Revenue Agency found he defrauded investors more than $2.5 million through an investment scheme.
The 66-year-old was ordered to pay restitution of $1,831,700 to his victims. If he fails to pay the fine within six months, he will have to serve an additional four years in prison, according to the CRA.
Between 2002 and 2006, Cameron operated a fraudulent RRSP scheme which promised a two per cent monthly return to investors. The scheme raised close to $8 million but only paid investors $882,000.
According to the CRA, Cameron misappropriated the funds to support his lavish lifestyle, including a $75,000 cruise in the Bahamas and buying property.
The investigation revealed Cameron used $3.9 million of his investors’ funds for personal use. He also failed to report this as income on his tax returns, evading the government over $1.1 million in taxes.
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