Fraudster Humeniuk sentenced to six years

Scamming investors out of $23 million has landed former Concrete Equities Inc. executive David Humeniuk a six-year prison term.

Court of Queen’s Bench Justice Bruce Millar on Friday accepted a joint Crown and defence submission for the sentence on a single count of fraud.

Humeniuk, 68, admitted bilking investors in a subsidiary of Concrete Equities between June 4, 2007, and May 13, 2009.

Crown prosecutor Steven Johnston said the approximately 1,300 victims lost a minimum of $10,000, with one individual losing $1 million.

But Johnston told Millar that Humeniuk didn’t pocket any of the cash, and some Concrete Equities companies actually earned money.

Despite that, he asked Millar to order the offender to pay restitution on the off chance he somehow comes into some money down the road.

“I have really little belief that Mr. Humeniuk can pay that $23-million restitution,” Johnston said.

“It’s unrealistic that Mr. Humeniuk is going to show up with a $23-million cheque tomorrow.”

Defence counsel Yoav Niv said his client was deeply regretful for his actions.

Reading from a letter prepared by Humeniuk, Niv explained his client’s remorse.

“I regret that I did not protect the investors’ interests, as was my responsibility,” the lawyer said, reading from Humeniuk’s statement.

“I have taken responsibility for my actions which have caused pain, stress and significant financial hardship,” Niv said.

“I deeply regret that.” Johnston said the six-year sentence was appropriate, in part because it spared all the victims having to come to court and relive their victimization.

Both lawyers noted that unlike in some fraud cases, Humeniuk did not make off with a small fortune.

“This is not a situation where Mr. Humeniuk made off with millions of dollars,” Johnston said.

“The money got cycled around to other Concrete Equities businesses.

“Some other projects actually succeeded,” he said.

“Some victims received money from other projects.”

Johnston noted 92 victims filed court statements detailing the pain and suffering they went through as a result of Humeniuk’s fraudulent conduct.

“It’s a fraction of the victims involved, there was about 1,300,” he said.

Some detailed broken marriages, others describe episodes of depression, the prosecutor noted.

Humeniuk’s conduct left some “people who have no trust of other human beings.

“That’s sad that that happened and it’s Mr. Humeniuk who did this to those people,” Johnston said.

Millar, too, noted the impact Humeniuk’s crime had on investors.

“Many have had their lifestyles permanently damaged,” he said.

Humeniuk could be paroled as early as one-sixth into his sentence.