Is Canada Too Soft On White-Collar Crime?

In our latest podcast episode with Ben Rabidoux, he tells the story of exposing a real estate investment firm Fortress as a fraud. The founders made over $100 million each by misleading investors, but after a short prison sentence they’ll walk away with most of it. Does Canada need to be tougher on white collar crime? Hear the whole story in our last podcast episode.

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 Hundreds of millions of dollars taken in upfront fees. To your knowledge, do they still have some of that money?

I have no doubt that they still have that money. And this is what’s, I mean, I’ve railed about this. What’s so frustrating to me, and what I, I think really needs to be an issue that’s front and center for Canadians is how soft we are on white collar crime, because the reality is that, so it’s a minimum two year sentence.

I am expecting that they’ll probably, we’ll get the sentencing this month, so they’ll probably end up with something like five years in prison. We know that because it’s a non-violent crime, they’ll be out at after a year and a half. So they’re both, the two main founders, I believe, are both gonna walk away with nine figures.

So they’ll have a hundred million bucks each. Uh, and, and for that, they’re gonna spend a year and a half in prison. So in the US you know, we, we fault the US for a lot of things. And, and, and they’re not perfect by any means, but they, they guys would be going away for decades and they would, the regulators would just start going around and seizing everything that was tangentially related to their business.