Calgarian sentenced to eight years in U.S. prison for fraud
A Calgary man was sentenced last week by a U.S. judge to 97 months in jail and ordered to pay $2.3 million in restitution for a massive fraud.
Ryan Steve Magee, 34, received the sentence June 13 following his guilty plea in February to one count of wire fraud, U.S. Attorney John Parker of the Northern District of Texas said in a news release.
Magee, who was indicted in July 2016 on five counts of wire fraud, was arrested in December 2016 and has been in custody since then.
“According to plea documents filed in his case, Magee was a business man and an active day trader in the U.S. stock market,” the news release states.
“Beginning in 2011, and continuing until the end of 2013, Magee devised and operated a scheme to obtain money by means of false and fraudulent material pretense and representations. Magee solicited and obtained money from victim investors by making false representations about how their money would be invested, how much of their money would be invested, how much their investment was earning, how much money they had in their account, and by making other false statements.”
In August 2015, the Alberta Securities Commission found that Magee, his father, David Wayne Magee, and Ryan’s wife, Dalyne Rae Magee, along with companies Master Daytraders Inc. and Magee International Inc., illegally distributed securities. An ASC panel also found that Magee made misleading or untrue statements to investors and perpetrated fraud on investors.
As a result of that decision, the family members were ordered to pay $325,000 in fines and $142,000 in costs, plus hand over almost $900,000 in gains.