Professional athlete turned investment advisor steals from the unlikeliest of victims.
The Hamilton Spectator reported Thursday that former CFLer Mark Dennis was sentenced in Superior Court to 37 months in prison for absconding with almost $5 million in client money. Dennis carried out the massive theft over a seven-year period between 2003 and 2010.
The biggest shocker? Dennis stole almost $500,000 from his very own sister.
Dennis advanced his sister $460,000 in bridge financing back in 2004 so she could buy a house in Hamilton even though her house in Windsor had not yet sold. The sister paid back the money to her brother. He then pocketed the funds instead of repaying the bridge lender.
Those associated with investigating and prosecuting the case were gobsmacked by the former advisor’s audacity. Assistant Crown attorney Ed Slater said of Dennis, “He used the funds for his own personal purposes.”
Dennis became an advisor after suffering a career-ending knee injury. Joining TD Waterhouse in 2000, he remained at the firm until 2008. During his time at the investment firm he met most of the victims hurt by the $5 million theft.
Now bankrupt and repentant for his sins, Dennis stood before the court Thursday stating, “I have a complete understanding of the facts of the case and my responsibility.”
There are financial advisors who’ve cheated clients. There are professional athletes who’ve gone broke. Rarely are they both. In this respect Dennis is quite exceptional.
It’s doubtful his sister and the rest of the victims see it this way.