 | David Holden has been sentenced to 12 years in prison and ordered to pay a $54m fine by the Ontario Superior Court after he was convicted of fraud and money laundering for a long-running scheme that took more than $54m from investors in his companies, Seaquest Corp. and Seaquest Capital Corp. Holden has many previous convictions. In 1995, he pleaded guilty to 46 securities offences. In 2000, he pleaded guilty to three counts of fraud over $5,000 and was sentenced to six years in prison for misusing investor funds. While on parole from that, Holden created Seaquest Corp. |  |
 | "Mr. Holden is incorrigible. He is polite, personable and cordial, characteristics that are not generally found in recidivist criminals. But they are the stock in trade of the fraudsman” the court said. Holden has 10 years to pay the fine after the prison sentence expires. If the fine isn’t paid, he must serve five more years. |  |
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