MONTREAL (UPI) -- A judge in Quebec sentenced investment broker Andre Charbonneau, 52, to seven years in prison Monday for a scheme that cost his customers $14 million.
In the scheme, which ran from January 1995 through September 1999, Charbonneau's customers invested in his life insurance company, l'Alternative Compagnie, after he promised excellent returns with guarantees he claimed were backed up by the provincial government and Hydro-Quebec.
Some of the 440 duped investors lost their life savings, The Gazette, a Montreal newspaper, reported.
Judge Jean-Pierre Bonin ordered the defendant, who had been defending himself, to seven years in prison. Charbonneau had argued for a two-year sentence while prosecutors had suggested 10 years in prison.
Copyright 2008 by United Press International
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