A former Regina financial adviser convicted of running a Ponzi scheme totalling more than $1.7 million has been sentenced to 5 1/2 years in prison.
Klaus Link was found guilty of defrauding nearly 20 investors, including four companies and two pension funds, over a 10-year-period starting in January 1997.
“I know of no other Saskatchewan case in which so many victims were defrauded of so much money over such a long period of time,” Justice Dennis Ball said as he handed down the sentence Wednesday.
“You knew that your victims included people who had very little money to lose and almost no knowledge of investment…You betrayed them.”
Court heard some of the victims lost all of their retirement savings in the scheme, and were forced to return to work to make ends meet.
The money they had entrusted to Link went toward his own lavish lifestyle, which included renovations to his Albert Park home, luxury vehicles and tailored suits.
The 66-year-old also used the funds to keep his company, Tri-Link Consultants Ltd., afloat.
The judge said greed was Link’s only motivation, and that he had shown no remorse for the crimes.
Link appeared emotional as he read a statement to the court before he was sentenced.
“I can only ask their forgiveness,” Link said, referring to the investors who lost money.
“I don’t know if I can earn that.”
In addition to the 5 1/2-year jail sentence, Link was ordered to pay nearly $500,000 in restitution.
