Ex-wife of accused fraudster Daniel P. Reeve dies at 53

KITCHENER — Daniel P. Reeve’s ex-wife, who testified as a prosecution witness at his fraud and theft trial, has died at age 53.

Cheryl Jean Weber (Reeve) died “peacefully with family at her side” at Hamilton General Hospital on March 25, according to her obituary.

She reportedly died of an aneurysm. Her funeral was on Wednesday.

Dozens of people paid tribute to her on the funeral home’s website.

Daniel Reeve, 56, who was owner and chief visionary officer of Cambridge-based DPR Financial Inc, has pleaded not guilty to fraud over $5,000 and theft over $5,000. The prosecution alleges 41investors lost a total of $10 million.

The trial is currently on a break until May 30.

Reeve’s ex-wife, who was identified at the trial as Cheryl Reeve, testified last September that she and her husband separated in 2006.

Daniel Reeve’s offences are alleged to have happened between 2007 and 2009.

Cheryl Reeve testified she received a $2-million divorce settlement. She said she invested $1.3 million and used the rest to pay off her house.

The trial has heard that some money from people who invested with Daniel Reeve was transferred to Cheryl Reeve. In one case, at least $49,000 from a $305,000 deposit went to her.

Former Daniel Reeve bookkeeper Karen Gingrich testified she took a call in 2008 from a client who loaned Daniel Reeve $800,000. Gingrich said she knew $500,000 of the loan had gone to Cheryl Reeve.

Asked what she did after hanging up the phone, Gingrich said: “I quit. I just walked out immediately.”

Cheryl Reeve testified she loaned her ex-husband $180,000 in 2007 or 2008, after they had separated.

“He said he needed it, he was desperate, and that’s all I know. He had a sense of, you know … that urgency and he definitely needed the money.”

She said her ex-husband repaid the loan.

“It was later than what I want- ed. You know, he always pushed the boundaries with it …”

She said Reeve was “terrified” when she raised the idea of a forensic audit in 2007. “He was very angry. He didn’t want me to do that.”

Cheryl Reeve testified she worked at DPR before the separation.

“I answered phones at times … I also did decorating. That was probably my biggest role.”

She also said she was chief executive of Alex Realty, a holding company for DPR’s office building in Cambridge. Cheryl Reeve said it was her husband’s idea to make her chief executive.

Daniel Reeve lived in Elora at the time of the alleged offences. When his companies closed, Reeve moved to Collingwood and worked at Home Depot. He has been in jail since his arrest in July 2012.

His trial, which began last June, is currently on a break. It resumes May 30 when Reeve will continue to answer questions from defence lawyer Mary Cremer. When she finishes, prosecutor Fraser McCracken will crossexamine him.