Surrey man sentenced to 27 months for Ponzi scheme

Robert Castano must also pay about $1.5 million in restitution to those who lost money in the scheme

A Surrey man has been sentenced to 27 months in jail for his role in a Ponzi scheme.

On Thursday (Aug. 18), a B.C. Supreme Court sentenced Roberto Castano to prison for fraud.

Earlier this year, Castano pled guilty to one count of fraud over $5,000 against eight victims.

Charges against him were approved by the Criminal Justice Branch following a B.C. Securities Commission (BCSC) investigation.

The investigation into Castano was launched in September, 2009, following a tip from a financial institution, which believed Castano was raising money from investors through his company, Skyline Communications, according to a BCSC release.

He was investing that money into the stock market through a brokerage account.

The investigation uncovered that Castano was operating a Ponzi scheme.

He issued promissory notes, told investors their money would be used to trade in the stock market, and promised returns of five per cent a month.

The BCSC found Castano didn’t use all of the investors’ money as he said, but he used some to pay interest and principal payments to investors, and used some for personal expenses.

On March 30, 2012, Crown approved charges of theft and fraud, and on Feb 18, Castano entered his guilty plea.

In addition to the 27 months, Castano was ordered to pay approximately $1.5 million in restitution.

 

Just Posted

Surrey Central SkyTrain Station upgrades completed

It’s the seventh station along Expo Line to see upgrades completed. Construction began in March 2017

Semiahmoo Trail students surpass Coldest Night fundraising goal

Rocco Forte and his team are third-year participants in Saturday’s Coldest Night of the Year walk

Tardi and team playoff bound in junior curling worlds tonight

Friday night Team Canada’s men’s team faces off against Norway, hoping to secure a spot in the finals

Surrey students learn the ins and outs of business through workers’ co-operative

Mentors work with youth in voluntary after-school program

Pink Shirt Day a reminder to ‘T.H.I.N.K.’ before posting on social media

‘Be Kind’ message on shirts sold for anti-bullying activities of Wednesday, Feb. 27

Girl heard saying ‘Help my Dad’ in suspicious radio message on Vancouver Island

Police asking for help following mysterious signals from somewhere between Comox and Sayward

Reports of rashes prompt closure of all Harrison Hot Springs pools

Public pool available after Fraser Health shut down all five mineral pools until further notice

Man sentenced to 7 years for smuggling drugs and shooting at border guards in Sumas

Nathan Hall was arrested in Abbotsford in 2013 after day-long manhunt

No treatment for highly infectious measles, says doctor

10 cases of measles confirmed in Vancouver as of Friday

Two more measles cases confirmed in Vancouver

It brings the number of total cases within the city connected to the outbreak to ten

B.C. Special Olympics officially underway in Vernon

Athlete’s Oath: “Let me win. But if I cannot win, let me be brave in the attempt.”

Vancouver Aquarium wants your help to name a baby killer whale

The public helped name Springer’s first calf, Spirit, and is being asked to help with the second

Guards protest firing of fellow officers charged with assault at B.C. prison

Corrections officers demonstrated in Maple Ridge on Friday afternoon

Most Read