Source: The Canadian Press

A former financial advisor who used his clients’ life savings as his own personal piggy bank was handed an eight-year sentence Monday for his role in a Ponzi-style scheme.

Gary Palmer was a financial advisor who worked as an independent agent with Great-West Life Assurance Co.

Court heard how Palmer asked clients to withdraw their retirement money, including funds from RRSPs, over a decade.

He was supposed to re-invest the funds through his own company, but instead spent it on family vacations, jewelry and paying off his son’s credit card bill.

“I told him I wasn’t going to rest until I’d seen him in jail,” said a smiling Greg Downey outside court. Downey lost his life savings of $40,000 to Palmer.

Palmer admitted to stealing the funds and expressed remorse in court last week.

The Crown had asked for a seven-year sentence, but Justice Perry Schulman took the rare step and went beyond that recommendation, giving an eight-year sentence.

The judge described Palmer as a financial predator, who showed no mercy for his victims.

Victim impact statements were heard in court.

In one of the statements, court heard how a woman lost more than $200,000. She was about to retire when she found out her money was gone. The woman now has cancer and can’t afford to buy anti-nausea medication as she undergoes chemo.

A statement from a man said he was divorced by his wife of 38 years as a result of falling victim to the scheme. He wrote how his wife blamed him for investing with Palmer and losing their money.

Along with the jail time, Palmer has also been ordered to pay more than $1 million in restitution, but his former victims said they’re doubtful they’ll see the money.

Some of his former victims are now suing Palmer and Great-West Life, which has its headquarters in Winnipeg.

“I feel they didn’t protect my money. They didn’t do what they should have done,” said Downey.

Many of the victims, including Downey, have had no choice but to put off retirement.

In court documents, Great-West Life said Palmer had limited authority as a broker and the company had no knowledge of what Palmer did with the funds once they were withdrawn from Great-West Life.