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Feb 12, 2020 · The Ontario Superior Court of Justice ordered the sanctions against David Holden, who was convicted of fraud and money laundering for a long-running scheme that took more than $54 million from investors in his companies, Seaquest Corp. and Seaquest Capital Corp.
Mar 25, 2020 · David Holden was recently convicted of defrauding Canadian investors in Seaquest Corporation and Seaquest Capital Corporation of more than $54-million in a complex ponzi-scheme. In related civil proceedings our team acted to obtain significant recoveries for some of Holden’s victims.
- The Long-Running, Sophisticated Investment Scheme
- 65 Victims Fell For Holden’s Ponzi Scheme
- Bankruptcy and The End of The Overarching Investment Scheme
- ‘There Is Little Hope That Whatever Sentence I Impose Will Deter The Offender’
- The ‘Incorrigible’ Serial Fraudster
Holden was an electrician and later insurance agent before he started working in the financial industry in the early 2000s. On March 30, 2005, he incorporated Sequest Corporation, a special purpose brokerage company, with which he started to solicit funds from investors. Initially, he convinced friends and family to invest in his ‘discretionary poo...
The judge described the effect of Holden’s scheme on the victims as ‘catastrophic and devastating.’ The fraudsman lured a total of 65 victims between 2005 and 2012 to invest in his sophisticated fraud scheme. Some of the investors were wealthy, many were not. Notwithstanding the above, they all described that their financial endeavor with Holden le...
In the fall of 2011, both Seaquest cooperations declared bankruptcy resulting from the demand of a large investor, Brian Tucker, who asked for the return of his investments. The court documents say, that Tucker became ‘suspicious and demanded to see documentation confirming that his money was being used as promised.’ Ultimately, Holden’s inability ...
On February 7 of this year, Justice Michael Dambrot imposed a 12-year sentence for Holden’s fraud charge in the Ontario Superior Court of Justice. He gave him additionally 8-years in prison, to be served concurrently for the money laundering offense. Judge Dambrot argued that ‘[g]iven his history and his age, there is little hope that whatever sent...
Judge Dambrot called Holden ‘incorrigible’ regarding his history of fraud-related convictions and his inability to take responsibility for his actions. Already 1995, Holden plead guilty to 46 security offenses. The scheme involved sales of promissory notes and debentures of investors with a total loss of about $800 thousand. Holden faced imprisonme...
Nov 23, 2011 · Seaquest Corp. and Seaquest Capital Corp., led by David Burns Holden and his wife Rosa Holden, will be declared bankrupt as early as Thursday after no restructuring plan was filed by...
Jan 30, 2015 · Five former executives of Seaquest Capital Corporation have been arrested and charged by the RCMP's Toronto financial crimes unit for allegedly bilking investors out of $92 million.
Feb 18, 2020 · David Holden, seen here in 2000, is heading back to prison for 12 years after being found guilty of fraud and money laundering for running a massive Ponzi scheme that began not long after he...
Jun 7, 2021 · In 2015, the RCMP charged David Holden with fraud, money laundering and commission of offence for Criminal Organization. Holden ran a long running Ponzi Scheme and defrauded over $54 million from investors through his companies Seaquest Corporations and Seaquest Capital Corporations.
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- Royal Canadian Mounted Police in Ontario
