Day parole granted

Day parole for Port Williams man who committed banking, investment fraud

A Port Williams man sentenced to federal time in February for defrauding the Royal Bank and private investors of millions has been granted day parole.

Gregory Paul Burden, 66, pleaded guilty in April 2015 to three counts of fraud over $ 5,000. Burden owned two companies, Advance Commission Company of Canada and Capstan Management Ltd., which were involved in the scheme.

Judge Claudine MacDonald sentenced Burden to a total of four years federal custody on the three charges. She granted a restitution order of $ 3 million for the Royal Bank.

The bank was previously awarded a judgment for $ 1.2 million.

MacDonald also granted three restitution orders to private investors, for $ 306,900, $ 76,000 and $ 27,000.

“Information provided in the judge’s comments indicates despite your offences, you were not involved in your offences out of greed,” the written parole board decision states. “Rather, you involved yourself in these activities in an attempt to maintain your business; however, you did benefit financially to some degree.”

Burden provided falsified financial statements to the Royal Bank to secure an exaggerated line of credit, which Burden used to further his business and entice others to invest. The offences were committed over a span of about six years.

Following a Sept. 15 review, the Parole Board of Canada granted Burden day parole, upon bed space availability at a community- based residential facility, for six months. He has been granted regular leave privileges but special conditions have been imposed.

Two community- based residential facilities have confirmed support for accommodations and one community correctional centre is also supportive.

Burden’s criminal record is limited to the current offences. The Correctional Service of Canada reviewed his case and identified the area of attitude as presenting a “high need for improvement.”

Burden told the board his time in prison allowed him to think through his actions and he realizes there was no justification. He said he should have just walked away from it and taken his losses because he had other businesses that were doing very well.

This was mitigating to the board as it demonstrated in- sight into his factors and acceptance of his actions.

Burden has not incurred any institutional charges. He remained in the community for approximately three years prior to sentencing without any incidents or concerns. The parole board has received letters of support on Burden’s behalf.

Prior to his sentencing, Burden opened a business where he acted as a consultant for international lenders on potential business deals with other companies. He had no access to money and his fees were paid directly to him with the completion of projects. This demonstrated to the board Burden’s ability to earn legitimate income and to have stability in his life if he so chooses. This was another mitigating factor to the board’s decision.

In his application for day parole, Burden indicates he plans to attend church and volunteer in the community. He also wants to reconnect with family and friends and restart the consulting business he had prior to incarceration. Burden may seek other employment, perhaps in the area of sales.

Burden is considered a low risk to reoffend. He was not identified for programming