The pair were charged with one count of fraud and one count of proceeds of offense contrary to Sections 380(1)(a) and 354(1)(a) of the Criminal Code.
After guilty pleas, he received a sentence that included imprisonment or house arrest, financial penalties, probation, and restitution of more than $675,000 to his victims.
Mr Justice Chaff said the accused were involved in “economic violence against the future of both the adults involved and their children”.
Under Section 380.2 of the Criminal Code, Zer and Spektor were also banned from working in the financial markets industry for 10 years.
While the investigation was led by the RCMP unit, it was assisted by the Canada Border Services Agency, the Ontario Securities Commission, the Financial Transactions and Reports Analysis Center of Canada (FINTRAC), the Forensic Accounting Management Group (FAMG) and the RCMP’s international partners. .