Newspaper article The Canadian Press

Suspended Senator Mike Duffy's Bank Accounts, Income Taxes Exposed at Trial

Newspaper article The Canadian Press

Suspended Senator Mike Duffy's Bank Accounts, Income Taxes Exposed at Trial

Article excerpt

Mike Duffy's finances exposed in court

--

OTTAWA - The mortgages, Senate salary, private side business and the famous $90,000 repayment from Nigel Wright -- Sen. Mike Duffy's financial history was laid out for all to see at his trial Tuesday.

Government forensic accountant Mark Grenon's testimony on his analysis of Duffy's financial data trail won't necessarily be accepted as fact. Ontario Justice Charles Vaillancourt has yet to decide on that point.

But Crown prosecutors appear to be using the dizzying array of numbers to paint a picture of a high-flying senator who was perpetually living on the edge -- a senator who perhaps had a compelling reason to pad his income and to extort the prime minister's chief of staff into covering a $90,000 reimbursement of his contested expense claims.

Duffy has pleaded not guilty to 31 charges of fraud, breach of trust and bribery related to his Senate living, travel and office expenses.

The court was shown slide after slide of balance sheets and pie charts, chronicling Duffy's financial life from late 2008 to mid-2013.

In that time period, $1.2 million got deposited into his bank account. In addition to his Senate salary, Duffy received a pension from CTV and from the government. He also made $25,000 doing speaking engagements through his side company.

The sale of his late mother's home netted approximately $50,000.

Still, the available records showed that money was flowing out faster than it was coming in, with a line of credit that crept up steadily to over $100,000 at one point in 2012. Duffy's Ottawa-area home is heavily mortgaged. His vehicle is leased.

"There was a continued amount of overspending in the account that had to be funded with some sort of money. That money was the line of credit," Grenon said.

Grenon revealed that the agency that follows potential money laundering and terrorist activity, Fintrac, raised the alarm at one point that Duffy's line of credit had risen to more than $100,000. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.