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Globe says former Onco boss sentenced 8 years for fraud

2018-12-03 08:07 ET - In the News

See In the News (C-ONCO) Onco Petroleum Inc

The Globe and Mail reports in its Saturday edition that the former chief executive officer of Onco Petroleum -- who hid the fact that he was a former Hells Angels associate with a long criminal record -- was sentenced to eight years in jail Friday for lying to investors about the company's finances. The Globe's Janet McFarland writes that Robert Vanier, 62, was convicted of filing a false prospectus, claiming that Onco had raised $22-million from earlier-stage investors in a 2006 private placement when it had not. Ontario Superior Court Justice Sean Dunphy said Mr. Vanier intended to fool potential investors about Onco's financial position, and said filing a false prospectus is fraud. Judge Dunphy called Mr. Vanier's crime "a strategy of huge audacity" and said thousands of investors "have seen their investments destroyed." Mr. Vanier was led from the courtroom in handcuffs after Justice Dunphy read his sentencing decision. He is already serving a three-year prison sentence after he was found guilty of misleading the Ontario Securities Commission about his true identity and his prior criminal record. When Mr. Vanier founded Onco in 2002 in London, Ont., he already had a long criminal record, mainly in Quebec.

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