The Saskatchewan man convicted in the biggest fraud case in the province’s history has been denied early release from prison.
Ronald Jerry Fast, 73, is serving a seven-year sentence after pleading guilty to fraud over $5,000 and possession of property obtained by crime. He was arrested in 2012 following a two-year police investigation that revealed Fast had defrauded more than 200 investors of $16.7 million.
Fast used his company, Marathon Leasing Corporation, in a Ponzi scheme, promising high interest rates through the infusion of money from new investors, court heard at his sentencing in 2014.
During a parole hearing earlier this month, Fast sought either day parole or full parole, citing his remorse, lack of criminal record and family support.
The parole board ruled there is no evidence Fast has addressed any of his risk factors over the course of his sentence, thus denying him both parole options.
“Your comments that you are truly remorseful and only blame yourself are inconsistent with recent file information that outlines limited insight and a deflection of responsibility,” the board’s decision states, citing information from Fast’s case management team that “Fast does not have much insight into the impact his offending had on his victims.”
He was ordered to pay back the $16.7 million he stole from his investors, many of them elderly people who lost their life savings.
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