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Jeremy (Jay) Peers has been sentenced to three and a half years in prison after pleading guilty to fraud, misrepresentations, and dealing and advising in securities without registration under the Alberta Securities Act.
Alberta provincial court Judge Fred Day called Peers “a con man,” as he delivered his sentence in an Alberta courtroom.
Peers, the grandson of early Edmonton mayor and coal baron Harry Marshall Erskine Evans, was the key player behind one of the biggest, most complex securities frauds in recent Alberta history.
Now in his early 70s, Peers was at the centre of a web of more than a dozen interconnected companies run by him or his two sons, Marc Peers and Rob Peers.
Jay Peers and Rob Peers owned just under half of PFK through three companies they ran — the rest was held by various individual shareholders — and this gave them an approximately half interest in FMC.
The last report in 2016 by bankruptcy trustee PricewaterhouseCoopers said many assets of FMC and PFK were overstated, mortgages that had been paid off remained on FMC’s books, and inter-company advances weren’t properly authorized, documented or secured.
Read more at Edmonton Journal