Complicated share plus deposit scheme perpetrated on Bank of Montreal
A Canadian internet sports betting high roller had his day in court this week when he was arraigned on charges of defrauding the Bank of Montreal of CDM $ 600 000.
Stewart Goldstein admitted to defrauding the bank in a complex shares and deposits scheme, but claimed he was merely the fall guy for an organised crime ring which held heavy betting losses over his head as a threat.
The Montreal Gazette reports that the case dates back some years to a period when Goldstein owed an alleged organised crime ring CDM $ 1.6 million which was used along with personal threats to force him to participate in the bank fraud. An employee of the bank was also involved in the scam.
Sentencing has not yet been handed down but Prosecutor Nathalie Fafard is seeking a 30-month prison term for fraud.