Investment fraud case nets adviser 4 years in prison

An investment adviser who defrauded his clients of more than $400,000 was sentenced Friday to four years in prison.

Craig Howell took the funds from clients over a seven-year period ending in 2005, while he worked for Great-West Life in St. John's.

Judge Greg Brown sentenced Howell to the prison term during an appearance in provincial court in St. John's.

During his fraud trial, Howell told the court he stole in order to cover large losses he had incurred through gambling.

In one case, Howell took $100,000 from a couple who had saved the money for their retirement.

In a victim impact statement presented to the court in March, Great-West Life said Howell selected victims who were financially unsophisticated.

Great-West Life has reimbursed the 16 clients who together lost $403,000 in the case.