Investment fraudster hatching new schemes while on parole

Before investment schemer/ dreamer Steven Vincent Weeres was sentenced, he had one last sales pitch — urging the judge to cut him some slack so he could recoup his victims’ losses by peddling the same product that got him in trouble.

“That window of opportunity will certainly be gone if I’m incarcerated for a lengthy period of time,” a confident Weeres told a dumbfounded Justice Janet McMurtry back in 2015. His Master Keys to Success software product had cost his investors between $650,000 and $800,000. “I’m confused that you’re arguing now that continuing to do what you were doing before,” the judge replied. “I’m supposed to draw some comfort that you’re going to continue to do that?”

Often during his impassioned pleas in court, Weeres, who conducted his case without a lawyer, was well-spoken and charismatic — likely the same characteristics his victims saw.

But McMurtry wasn’t swayed. She sentenced the then 56-yearold to five years in prison for fraud and money laundering — less 505 days’ credit for pre-trial custody served after he skipped bail — and the possibility of two more years in custody if he fails to pay a $200,000 fine in lieu of forfeiting the laundered money.

I’d like to report that Weeres came clean during his time in the big house. But recently obtained parole documents instead air his dirty laundry. Weeres, who still insists he’s innocent, has been industriously employed as a parolee — just not in the way his supervisors hoped.

As a non-violent offender serving his first federal term behind bars, Weeres qualified for an accelerated parole review at onesixth into his sentence instead of the usual one-third. He was on day parole after serving seven months. Among his parole conditions, Weeres isn’t to manage the finances or investments of any other individual, charity, business and institution, and can’t be self-employed, own or operate a business.

I caught up to him by telephone at his Vancouver Island halfway house last year at this time. Asked what he was up to, Weeres told me he “obviously has to abide by the restrictions on parole,” mentioned how bad publicity was hampering him, and brusquely added, “right now, I’m not doing any business at all.”

However, the Parole Board of Canada, which revoked his parole this spring, felt it was all too much business as usual.

“When working as a janitor, you apparently tried to create an investment scheme with the owner (of the business),” says the board’s decision. Weeres had advised his employer to find 18 investors to put $10,000 each into the business. Once the man had the money, the investors could be voted out, Weeres apparently suggested. As the board noted, it sounded a lot like the scheme that had landed him in prison.

“Your release was suspended as it appeared you had returned to your crime cycle.”

In his room, Weeres had some 500 business cards with a name other than his own. He told the board the fake name was “to avoid people being able to search out (his) history on the Internet.” (Like, perhaps some of the Leader-Post’s coverage of his case.)

The cards were for some “investments” Weeres had been developing. “These included having an elderly member of your family sell items for which you would receive a commission,” says the decision. He also had plans to market software, and was developing a franchise business plan.

“When asked about the franchise plan located in your room, you said it was an offer but had not yet been signed, which suggested to the board that business negotiations had occurred.”

He’d also been running a water scooter rental business. “It was discovered that you were not paid a salary, but rented the boats for tips as the owner of the business was unable to secure insurance.” The board questioned the legitimacy of the business and its operation on a public harbour without any insurance or a licence.

Because his parole was revoked in March, Weeres can’t re-apply for a year. However, in March 2018, he’ll be eligible for statutory release — usually mandated by law when an inmate has served two-thirds of a sentence.

I hope this is the last word on Weeres, but I don’t share his same optimism.

“You said you had more than a dozen plans under development,” reads the parole decision.