CALGARY – On December 12, 2017, Alberta Court of Queen’s Bench Justice D. Hillier dismissed an appeal filed by Jeremy (Jay) Peers seeking a reduction in his sentence from 3.5 to 2.5 years in prison.
In February 2016, Peers plead guilty in the Provincial Court of Alberta to 11 counts of offences under the Alberta Securities Act, including two counts of fraud. After the Supreme Court of Canada dismissed an appeal earlier this year in which Peers sought a right to trial by jury for Securities Act offences, Peers was sentenced in June 2017 to serve 3.5 years in prison, to pay restitution and to refrain permanently from trading in securities and acting as an officer and director.
In dismissing the appeal, Justice Hillier noted that in cases such as white collar offences the lack of a criminal record may not be a mitigating sentence factor. He further concluded that, although the prison term imposed by the Provincial Court was longer than the Crown had recommended, the sentence was “neither unreasonable nor demonstrably unfit in all of the circumstances. ” Justice Hillier cited a number of factors that supported a sentence “at the high end of the range”: Peers had long-standing relationships with a number of the victims, some of whom were particularly vulnerable; his conduct involved a breach of trust; and investor losses were greater than in other Securities Act cases brought before the Provincial Court.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
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