![['Morton Dew Limited office in Charlottetown.']](https://saltwire.imgix.net/morton-dew-3152966.jpg?cs=srgb&fit=crop&h=568&w=847&dpr=1&auto=enhance%2Ccompress%2Cformat)
A former financial planner who was involved in a fraud scheme of more than $2.9 million has been granted day parole.
Frank Harrison Dew was sentenced in June 2017 to 54 months in prison after pleading guilty to 26 counts of fraud over $5,000.
A recent report from the Parole Board of Canada said Dew has shown positive change, relative stability and worked toward increasing his understanding of his risk factors.
Dew was a financial planner and advisor who was selling London Life products.
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The fraud started in 2011 and involved Dew taking steps to collect commissions on life insurance policies.
A lawyer for P.E.I.’s Consumer, Corporate and Financial Services division contacted Charlottetown police in 2015 about complaints he received from some of Dew’s clients.
Investigators at London Life were also conducting their own investigation at the time.
London Life compensated most victims in full for money they lost.
Dew filed for bankruptcy in 2015.
The parole decision said Dew told the board a close family member had been experiencing mental health issues, his profession compounded his stressful situations, he was facing financial stress and his life started to spiral out of control.
Dew told the board he saw an opportunity to fraudulently take money and he didn’t stop because he got too deep into it.
He thought of his victims as he was committing the crimes and believed he could fix the problem, but wasn’t able to, Dew told the board.
As part of his sentence, Dew was ordered to pay more than $2.9 million in restitution.
Dew told the board he plans on getting a job and working on paying the restitution order.
In its decision, the board said Dew expressed remorse for what the victims and business institutions had to endure because of his actions.
With his release on day parole, Dew is banned from being in a position of responsibility for the management of finances or investments for any individual, charity, business or institution.
Dew must also avoid any contact with the victims or any members of their families.
