Financiers Sentenced to 5 Years for Fraud in Mba. and Ont. Projects Each Ordered to Pay $12 Million in Restitution

A pair of financiers, Jawad Rathore and Vince Petrozza, were sentenced to five years in jail and ordered to pay $12.2 million each for defrauding nearly 800 investors of $33.1 million in two failed development projects in Winnipeg and Barrie, Ontario. The Ontario Court of Justice found their actions involved sophisticated planning that targeted vulnerable investors, leading to significant financial and psychological harm. Despite their community ties and family responsibilities, the judge noted a lack of remorse. Both offenders are appealing the verdict, while the Crown had sought longer sentences.

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