Coronado expat found guilty of fraud
Canadian financial manager, Quintin Sponagle has served a 19 month sentence in La Joya prison in Panama for an investment scam with a company registered in Panama.
Along with the 19 month sentence in one of the world’s worst prisons, the judge ordered Quintin pay back about 200 investors, a total of approximately $1.1 million.
CP News agency reported Sponagle from Nova Scotia., plead guilty to fraud admitting he was responsible for $1.1 million that was not invested. While under investigation in Canada, Sponagle fled to Panama.
Auditors recovered about $2 million from Sponagle’s accounts, but only a portion was returned to investors, once financial fees were covered.