Ex-investment adviser pleads guilty to defrauding couple of more than $1M

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A former investment adviser has pleaded guilty to one count of fraud that saw members of a Nova Scotia family lose more than $1 million.

Glenn Francis Dunbar entered the guilty plea Tuesday during an appearance in Nova Scotia provincial court.

Dunbar had been facing four separate counts of fraud. Those charges, laid in September 2012, were reduced to one during Tuesday's appearance. Three of the original charges will be withdrawn when Dunbar is sentenced in June.

The offences occurred between Aug. 31, 2006 and Mar. 30, 2012.

Couple lost everything

"It was really great to hear the word 'guilty,'" Roberta Hancock, one of Dunbar's victims, said outside court.

"After 4 ½ years [in the justice system], it was a relief."

She and her husband, CBC sportscaster John Hancock, had entrusted Dunbar of Quadrus Investment Services with looking after their retirement savings.

They lost everything.

In a lawsuit filed against Quadrus, the couple said Dunbar convinced them to remortgage their home and invest both their pension funds, as well as some of their daughter's money — an estimated total of more than $1 million.

'Not a penny toward our retirement'

"Our lives have totally changed," said Roberta Hancock.

"I think the biggest thing is we have absolutely no financial security in our future. We thought we had saved and were well looked after for our retirement and we have not a penny towards our retirement and we're both in our 60s, with no time to start over again."

The Hancocks ended up reaching an out-of-court settlement with Quadrus in 2015.

Dunbar was fined $350,000 by the Nova Scotia Securities Commission and barred from working in the profession. The commission also fined Quadrus for failing to properly supervise its employee.

A pre-sentence report is being prepared.

Dunbar's lawyer indicated there is unlikely to be an agreement on the sentence his client should receive when the case returns in the summer.