'My parents trusted him': Saskatoon money advisor who stole more than $2M from 23 clients gets 5.5 years

SASKATOON -- A former Saskatoon financial advisor who defrauded 23 investors out of millions has been sentenced to five-and-a-half years in prison.

Vincent John Mullee, 69, was described as a trustworthy man that some of his clients even called a close friend.

Mullee would visit their homes and farms, convincing them to invest in “limited time” opportunities but in reality was selling fake bonds and providing forged documents. He then used that money for personal and corporate expenses.

“This was not a situation where he just on a momentary lapse of judgement took advantage of an easy situation. He specifically went out and solicited this money,” said Crown prosecutor Darren Howarth, who noted that many of Mullee’s victims were seniors who trusted him with their retirement savings.

After an investigation, it was discovered Mullee had stolen around $2.1 million from his clients between 2012 and his 2018 arrest, without ever actually investing any of the money

Court heard from most of Mullee's victims Wednesday morning during his sentencing hearing. It was held in the ballroom of the Sheraton Cavalier Hotel in Saskatoon to accommodate the large amount of people and ensure physical distancing.

Justice Brent Klause accepted a joint submission from the Crown and defence, sentencing Mullee to five-and-a-half years in prison for fraud over $5,000. He was also ordered to repay $1.982 million to the victims.

Howarth pointed out a number of aggravating factors including the amount of time the fraud went on for, the amount of money that was stolen, the number of victims as well as the fact that Mullee was in a position of trust.

“He was a professional in a position of trust both legally and also just to those victims, he was their trusted friend and family member,” Howarth said.

Some of the victims said this incident has caused them to push back their retirement plans and continue working.

Many of the victims also expressed their embarrassment about falling for the scheme, saying it has made it hard for them to trust friends or even family.

Darlene Saxinger, one of the victims, said she lost $37,000 — money that she was saving up for her daughter’s wedding and for payments on her vacation home in Arizona. She’s since had to sell the property and now works two jobs.

“I had to start all over again, which will never happen. I’ll never have that money again,” she said.

Saxinger added that Mullee was close with her parents, who were also victims.

“He’d come over for lunch, he’d spend some time with my parents. You know, my parents trusted him and with that trust, they dealt with him for many years, maybe 20 years.”

Saxinger said she is happy with the outcome but is still looking for one of the companies Mullee dealt with, WealthCo., to accept responsibility and pay back the victims.

Defence lawyer Brad Mitchell pointed to Mullee’s medical history as a mitigating factor.

He added that Mullee didn’t live an extravagant lifestyle but used the funds to pay his daily expenses and credit card bills, and to keep his business running.

Mullee read a statement to his victims, apologizing for the damage he caused.

“I regret what I have done and take full responsibility for my actions. I betrayed their trust; trust is a treasure. I have let them down. I am deeply remorseful that this has happened.”