A U.S. man who fled to Canada during his trial for investment fraud was sentenced Friday to approximately 17.5 years in prison.

Thomas Qualls, 45, the former president of International Foreign Currency, Inc., was sentenced to 210 months in prison by a U.S. district court judge in New York today, following his convictions for mail fraud, wire fraud, conspiracy, and obstruction of justice. He was also ordered to pay restitution of approximately US$817,000.

Back in 2008, toward the end of a four-week trial, Qualls failed to appear in court on the day closing arguments were scheduled to begin. In his absence, a jury convicted him on all counts. Approximately six months later, the Canada Border Services Agency
(CBSA) announced it arrested Qualls in downtown Montreal.

He was finally extradited to the U.S. in 2012 after a lengthy court battle challenging extradition, including a failed claim for refugee status, contending that his U.S. trial was unfair. On Friday, he was finally sentenced in the case.

“The defendant bilked his clients by stealing their hard-earned money, and when faced with the overwhelming evidence of his misdeeds presented to a jury of his peers, he fled the country,” said U.S. attorney, Loretta Lynch. “This case shows, once again, that you can run, but you cannot hide – we will continue to safeguard the markets by zealously prosecuting fund managers who betray the trust of investors.”

U.S. authorities say that Qualls operated a fraudulent investment firm that purported to invest in foreign currency. Instead, it says that he diverted investors’ funds and spent them on business and personal expenses; and that he falsified account statements to conceal the fraud. Ultimately, investors lost approximately $1 million as a result of the scheme, it says.