Former Edmonton HSBC worker sentenced to four years in jail after defrauding the financial institution of $ Three million
EDMONTON – An Edmonton man was sentenced to four years in prison after defrauding the bank he worked for of more than $ 3 million between 2004 and 2008.
Theodore Glade, 66, pleaded guilty to fraud and forgery and was tried in the Alberta Court of Queen’s Bench on Tuesday.
“This was a planned and sophisticated series of frauds that was only possible because of Mr. Glade’s trust and responsibility towards his employer,” said Judge Robert Graesser.
“He cheated the bank out of a substantial amount of money over an extended period of time, about four years.”
An emotional Glade reached out to the court and said that he was sorry for what he had done and that he had shamed his family.
“My sincere apologies to the court, my family and those I have hurt. I should have set a better example for my granddaughter,” he said. “I can never do it.”
“I take full responsibility for what I’ve done.”
Glade was stripped of 171 days from his sentence because he was already on remand.
MULTILLION DOLLAR SCAM
Glade joined HSBC in Vancouver in August 2001.
Two years later he moved to Edmonton and was promoted to Senior Account Manager in the commercial financial services of the bank in 2005.
According to an agreed statement of facts, Glade embezzled funds and created false accounts and documents for customers between April 2004 and July 2008.
The court heard how some of Glade and his partner’s funds were used for personal purposes, some were spent on his partner’s family, and some went to customers who later became their families.
HSBC said they lost $ 3,058,116 to the fraud.
It’s not exactly clear how much Glade benefited from the program, but the court heard Tuesday that it was valued at “high hundreds of thousands of dollars”.
“The motive here was at least partly the greed to finance an extravagant lifestyle,” said Graesser.
In 2010, Bank sued Glade and won a $ 1.6 million civil judgment, although HSBC has not received any of that money in the eleven years since.
Glade’s partner at the time, Edmund Leonardo, had also previously been fined $ 400,000 in compensation for his role in the fraud.
The two separated years ago and Leonardo has already received a two-year prison sentence for his role in the crimes.
The Crown Prosecutors had requested a prison sentence of between five and six years
Glade’s attorney called for a two-year conditional sentence, citing Glade’s age, health issues that required the use of a wheelchair and an oxygen cylinder, and his lack of a criminal record.
Graesser called “an element of injustice” in the eight-year delay between exposing the fraud and bringing charges against Glade.
But he also dismissed arguments about Glade’s age and health as a mitigating factor, saying his health needs could be met while in detention.
“Illnesses and conditions that result from the aging process are not a prison card,” said Graesser.
Glade is ordered to present himself at Edmonton Detention Center by noon on June 29th.