He pleaded guilty to scamming $20M from 1,200 investors, but now Concrete Equities exec wants to take it back

After admitting to defrauding more than a thousand investors out of tens of millions of dollars,Concrete Equities executive Dave Humeniukwants to take back his guilty plea.

Humeniuk, 68, was supposed to be sentenced in a Calgary court on Tuesday. Instead, he shocked angry victims who were there when his lawyers said he now wants to back out of his plea.

You go into a 7-Eleven and steal something, you go to jail for it.Julie Wolff, complainant

His lawyers did not say why and did not comment further.

Justice Bruce Millar agreed to another hearing in January but, in the meantime, put Humeniuk into custody. He had been on bail since his arrest three years ago.

"I'm going to clean up some loose ends," Millar said before adjourning for the day.

Pleaded to fraud

Although frustrated and angry, Julie Wolff, one of two victims who were in court,said she took some comfort thatHumeniuk will spend the holidays behind bars.

"At least he'll have to sit there through Christmas," said Wolff.

"Maybe at some point he'll consider what he's done, but it doesn't help all the people whose retirements and marriages and lives have just been altered and destroyed, in some cases."

Humeniuk was supposed to go on trial but insteadpleaded guilty in October toa charge of fraud over $5,000.

At the time, Court of Queen's Bench Justice Charlene Anderson confirmed he was making the pleavoluntarily, that it would result in a criminal record andthat the judge was not bound by any joint sentencing recommendation made by the Crown and defence attorneys.

Humeniuksigned a document confirming he accepted those consequences.

$20-million fraud

Humeniukvictimized about 1,200 investors who lost more than $20 million.

From 2006 to 2009, Concrete Equities and associated businesses sold securities derived froma fund that invested in office buildings in Calgary and land deals in Mexico.

But in 2011,the Alberta Securities Commission foundHumeniuk, fellow Concrete executive Varun Aurora and two otherformer executives of the Calgary-based company guilty of breakingprovincial securities laws and misleading investors.

• Former Concrete Equities exec VarunAurorapleads guilty in $20M-plus fraud

The men were involved in a real estate project called ElGolfothat deceived investors with "exaggerated and untrue statements," according to an agreed statement of facts read aloud at Aurora's guilty plea.

Investors were promised returns of more than 500 per cent if they purchased a stake in the undeveloped beach property inMexico, according to theRCMP.

Many of Aurora andHumeniuk'svictims reported having to continue working instead of being able to retire. Some said they felt traumatized and some felt suicidal.

Last year, Aurora pleaded guilty to the same charge and received a two-year sentence, which he was allowed to serve in the community, in part because he paid back $1 million in restitution.

Lawyers fired

After accepting Humeniuk's guilty plea, Anderson adjourned the matter for sentencing before Millar.

Lawyers were prepared to make a joint recommendation for a six years in prison,even though that sentence is at the low end of the range for his crime.

Instead, Humeniuk has fired his lawyers, Cory Wilson and Shamsher Kothari, in an effort to undo his guilty plea.

Millar allowed Wilson and Kothari to leave andHumeniuk will have his new lawyer,Yoav Niv, make an application to vacate his guilty plea in the new year.

"It's been a lot of years ... with very few answers," Wolff said for the victims.

"You go into a 7-Eleven and steal something, you go to jail for it. You steal millions of dollars from hardworking people and you skate by with nothing happening, and it's just really frustrating."

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