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Globe says OSC target gets nine years for Ponzi scheme

2019-09-18 08:17 ET - In the News

The Globe and Mail reports in its Wednesday edition that Steven Nowack had rubbed shoulders with famous musicians and even a Nobel Prize laureate. The Globe's Tu Thanh Ha writes that Mr. Nowack presented himself as an experienced foreign-currency trader. He even let investors watch him make purchases and sales on his mobile phone. He was not, however, registered with the Ontario Securities Commission, and he was not really trading live on his phone, but used demonstration accounts, which are intended to allow people to practice trading, and contain fake money. He was not raking in large sums, but used his investors' money to pay his rent, credit-card bills and legal expenses. Those facts were read in a Toronto courtroom on Tuesday as Superior Court Justice Robert Goldstein sentenced Mr. Nowack to a nine-year jail term for running a "large-scale, complex, sophisticated" fraud. The judge said that Mr. Nowack operated a Ponzi scheme, taking $15.7-million from his victims. Among those he defrauded were his retired family doctor, who had treated him since he was a child. The court also heard that Mr. Nowack, 56, ensnared his former in-laws. A jury convicted Mr. Nowack in April on 12 counts of fraud more than $5,000.

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