Fadi Hamdan did not need this money. But out of sheer greed, this employee of a major bank robbed the life savings of a vulnerable octogenarian who had absolute trust in him. This fraudster was sentenced to a harsh 30-month prison sentence on Wednesday.
“Mr Visvardis gave his full confidence to Mr Hamdan by signing the power of attorney. He was cheated by a person he considered his friend,” said Judge Yves Paradis on Wednesday at the Montreal courthouse.
Fadi Hamdan, 56, was in a management position at the National Bank in 2018 when he met Demetre Visvardis. The 89-year-old man resided in the same CHSLD as the fraudster’s mother. The two men then became friends.
The octogenarian, without an heir, trusted Fadi Hamdan so much that he signed a power of attorney to manage his assets. What’s better than a respected financial advisor to manage the finances of a sick and vulnerable man?
However, Fadi Hamdan began to dip into his friend’s funds for his own benefit. Three years later, less than $2,000 remained in the victim’s accounts. A major fraud of $432,000. Fadi Hamdan notably used $43,700 to buy land in Ecuador, while contributing to his children’s RESPs from the victim’s assets.
A “premeditated and planned” fraud, according to Judge Paradis.
The defense tried to argue that this sum was in some way the inheritance granted in advance to Fadi Hamdan. A thesis rejected by the judge.
“Mr Visvardis was a particularly vulnerable elderly person. He had no family in Canada. He lived alone. He suffered from macular degeneration which prevented him from reading and a back problem which considerably limited his movement. […] He had confidence that Mr. Hamdan was managing his assets in his best interests. This breach of trust on the part of the victim constitutes an aggravating factor,” concludes Judge Paradis.
Fadi Hamdan had no financial difficulties and earned a good living, insists the judge. His only motivations: “Lure of gain and greed”.
In short, there are “few” mitigating factors and significant aggravating factors. This is why the judge followed the Crown’s suggestion by imposing a sentence of 30 months’ imprisonment. The defense demanded two years less a day in prison to be served in the community or 12 months in prison.
Also, Fadi Hamdan will have to pay a fine of $154,269 within five years. If he does not do so, he will be sentenced to an additional 2 years in prison.
Note that Demetre Visvardis died in May 2020 at the age of 91. He left all his property to charity.
Me Nicolas Ammerlaan represented the public prosecutor, while Me François Taddeo defended the accused.