Former St. John’s Financial Advisor Gets Two Years in Prison for Stealing From Clients

A former St. John’s financial advisor has been sentenced to two years in prison for stealing more than $ 700,000 from her doctor clients.

54-year-old Joan McCarthy must also pay restitution for the amounts taken, which she did by forging signatures on checks.

McCarthy was an account manager with the St. John’s branch of MD Management, which caters to financial planning for doctors, when she stole the money over a 13-year period between 2006 and 2019.

She had already been fined more than a million dollars by the federal regulator, and permanently banned from ever doing business in the industry again.

McCarthy, who is married with two adult children, is also facing a civil lawsuit brought by the Royal Bank, where she deposited 161 fraudulent checks.

The two-year sentence-a joint submission by the Crown and defense-is on the low end of the range for such offenses.

But Judge James Walsh took into consideration McCarthy pleaded guilty at the earliest opportunity, and accepted full responsibility for what she did, adding that the restitution order made the sentence appropriate.

McCarthy showed up at court today with a suitcase in anticipation of a prison term, and was taken into custody for the first time since the criminal charges were first laid last year.

She apologized to family, co-workers and friends, saying she committed the crimes while going through troubling emotional and financial times herself.

It’s not clear yet where McCarthy will serve her sentence, which will be up to prison officials.

She was technically sentenced to two years plus one day, which is a federal sentence, but those have been served in this province in the past.

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