Once a full accounting of how Nick Lysyk stole approximately $16 million from the Bank of Montreal was tallied, the disgraced bank manager made the decision to plead guilty in August 2004, to more than 60 counts of fraud over $5,000. The bank divulged that Lysyk’s scam was able to continue for six years as long as the interest was being paid on the bogus loans. He was found out during a bank audit. An accounting of what receivers were able to recover included 17 pieces of property, at least 40 automobiles, with brands that included Lexus, Corvette and Mercedes Benz, as well as a handful of rare muscle cars. The most valuable being a rare yellow and black 1971 Plymouth ‘Cuda convertible. The cars, along with designer watches and fine furniture, went up for auction weeks before Lysyk’s guilty plea, raising approximately $1 million toward the bank’s missing money. As part of Lysyk’s plea, he admitted to having relationships with 14 women linked to the sex work trade. Lysyk also admitted to taking more than $4 million for himself. The married banker said he gave another $3.5 million to one of the girlfriends and another $3.5 million to the rest of the girlfriends. Lysyk’s lawyer, Brian Beresh, spoke briefly with reporters on Aug. 30, 2004. “We’re pleased that things are proceeding and Mr. Lysyk would like to see this matter resolved as quickly as possible,” Beresh said. Lysyk’s lawyer told the court part of the reasoning for his client’s actions in falsifying all those loans was that he was suffering from depression. A joint submission at his subsequent sentencing hearing saw Lysyk sentenced to a term of seven years and four months. He was released on day parole 14 months later. The bank closed its books on Lysyk in 2008, having recovered close to $6 million and leaving them nearly $10 million short on the missing funds. Lysyk’s bank fraud was considered one of the largest in Canadian history at the time.
