Daniel Bard, a former executive with a Moncton economic development agency, has been sentenced to five years in prison for fraud, money laundering and related financial crimes that affected several New Brunswick businesses.

Bard, 61, was convicted in May of four counts of fraud, one count of attempted fraud, five counts of possessing property obtained by crime and one count of money laundering. The offences took place between 2016 and 2020 and primarily targeted small, family-run companies.

During sentencing, Judge Anne Richard said Bard used his position of trust to carry out a planned scheme over several years. The court heard that companies seeking financing provided Bard or his business, VM Venture Management, with deposits that were expected to be held in trust.

Witnesses testified that Bard became increasingly difficult to contact after receiving the money and blamed delays on legal, administrative or travel-related issues. The judge found that funds obtained from victims were instead used to support Bard’s lifestyle, including vehicles, motorcycles and international travel.

Crown prosecutor Chris Ryan described the offences as “financial violence,” arguing that the harm extended beyond the amounts lost. Victim impact statements detailed damage to reputations, business relationships, personal health and trust in institutions.

Bard was ordered to repay $531,121 within five years of his release. If he fails to make restitution, he could face an additional four years in prison. He is also prohibited for 10 years from holding employment that gives him authority over another person’s property or finances.

His five-year sentence was reduced by 69 days to account for time already spent in custody.

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Originally published on Canadian Fraud News.