A Red Deer man involved in a multi-million dollar Ponzi scheme was sentenced to four years in prison and ordered to pay just under $3.3 million in restitution to his victims.
Joshua James Tenhove, 49, pleaded guilty to fraud over $5,000 in Red Deer Court of Queen’s Bench last September, on what was to be the first day of his trial.
As the owner of Silvertip Energy, Tenhove’s oilpatch scheme involved buying and renting out mobile light towers. He swindled victims in Canada and the United States out of $10 million, and was possibly the largest fraud case in central Alberta.
On Thursday, Justice Marilyn Slawinsky agreed with the four-year prison sentence put forward in a joint submission from the Crown and defence.
Four other fraud-related charges were previously withdrawn against Tenhove.
Slawinsky said being convicted of one count in no way illustrates the extent of the crime or impact on its victims.
She said the terrible fallout from the fraud goes beyond financial ramifications and can leave victims with shame, worry and anger.
“This has no doubt changed the trajectory of your lives,” Slawinsky said.
Slawinsky said Tenhove displayed genuine remorse, but the prospect of restitution payment was uncertain.
Defence lawyer Peter Tesi said $1 million being held by the manufacturer Mobilight in the U.S. may be accessible, but the clock was ticking on a statute of limitations.
“(Tenhove) has lost everything. He doesn’t have anything,” Tesi said.
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