Convicted fraudster Reeve now a free man
The former Waterloo Region financial adviser was sentenced to 14 years in prison for fraud over $5,000
KITCHENER — Convicted Waterloo Region fraudster Daniel P. Reeve has been released from prison.
“This letter is to notify you that the Court of Appeal has reduced the offender’s sentence to time served,” Correctional Service Canada wrote in a letter on Friday to Reeve’s victims.
“As a result, his sentence is now complete, and he will be released from Beaver Creek Institution this afternoon, May 29.”
Reeve, a former Waterloo Region financial adviser, fleeced 41 people, many with little investing experience, out of $10 million.
Now 60, Reeve was sentenced in 2018 to 14 years in prison — the maximum — for fraud over $5,000.
“If I could give you more, I would,” Justice Toni Skarica told Reeve.
The six years of harsh pretrial custody Reeve spent at Maplehurst Correctional Complex in Milton were counted as 10 years, and he was released on day parole after serving eight months in prison.
But his day parole was revoked three months later when he tried to lure a “financially vulnerable” person into an investment scheme, according to the Parole Board of Canada.
Reeve appealed the 14-year sentence and this week it was cut to 10 years. He is now a free man.
As “chief visionary officer” of
DPR Financial Inc., Reeve was often chauffeured in a stretch limo.
He owned two Cadillac Escalades, a Jaguar Land Rover, a Porsche Boxster. He lived in a lavish farmhouse. He wore the best suits.
Many of his victims were vulnerable.
He promised one recently widowed woman he would “help her through a horrible time,” Skarica said. “Instead, he swindled her out of all of her deceased husband’s RRSP and her own personal savings.”
Many victims lost everything. Some couldn’t pay their mortgage. Some had suicidal thoughts. Some couples divorced, one blaming the other for getting ripped off.
“The disabled, the elderly, the grieving spouse, the emotionally vulnerable, the close longtime friends, the loyal client and complete strangers — they were all there for Daniel Reeve’s taking,” Skarica said.