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Lino Matteo convicted of 270 counts of securities fraud after Mount Real scheme

Lino Matteo, a Montreal businessman, was convicted of 270 counts of securities fraud on Thursday morning after scamming more than 1,300 investors.

Matteo was the founder and president of investment company Mount Real, which scammed more than 1000 investors out of $130 million.

Mount Real was essentially operating a Ponzi scheme, offering people between eight and 12 per cent returns on their investments.

The company collapsed in 2006, and the victims who lost their life savings filed a class action lawsuit against the accounting firms that should have kept a close watch on the company.

The case initially went to trial in 2013 but continually faced delays.

Matteo is currently free on bail. He faces up to five years in prison.

He will return to court on September 18.

Read more at CTV News Montreal

This article is summarized by Canadian Fraud News Inc.