An Ontario woman has been sentenced to four years in prison for operating a Ponzi scheme that falsely claimed to produce lipstick. Glenda Marie Esteves, 50, was also fined $610,856 by the Ontario Court of Justice. If she fails to pay the fine within five years of her release, she will face an additional 18 months in prison.

Justice Cidalia Faria stated that Esteves is fully responsible for the financial losses suffered by her victims. "I find Ms. Esteves is entirely responsible for the financial loss of every victim of her fraudulent scheme. She was the sole beneficiary of the millions of dollars she fraudulently obtained. The location of the money is unknown," Faria wrote in her decision.

The court received 22 victim impact statements, which highlighted the emotional and financial toll of Esteves' actions. "Reading these statements is to read a litany of heartache and hardship, broken promises and broken dreams, deep betrayal, and significant financial loss," Faria noted. Victims reported personal losses ranging from $8,750 to $273,578.15, with total losses estimated at nearly $5 million.

Esteves operated her scheme over four years, claiming to run a company called "Mac Glamour Inc." She promised high returns on investments, asserting that she was producing and selling lipstick made from materials sourced from a well-known cosmetics company. However, the judge confirmed that no actual production took place. "Ms. Esteves never made lipsticks. The money investors provided her was never invested in the company called Mac Glamour as she claimed," Faria stated.

To deceive investors, Esteves forged banking documents to create the illusion of a successful business. She used these documents to reassure investors and encourage them to invest more money. The judge described the operation as a classic Ponzi scheme, where returns to earlier investors were paid using funds from new investors.

Many of Esteves' victims were from her Filipino community. The total number of victims has not been determined. Esteves pleaded guilty in 2022 to charges including fraud over $5,000 and uttering a forged document, covering the period from January 2015 to October 2019.

In her sentencing, the judge noted Esteves' background, stating she was born in the Philippines and had moved to Canada seeking a better life. Esteves expressed remorse in court, acknowledging her role in the scheme. She described how her situation escalated from borrowing money to accumulating debt, leading her to commit fraud. "I take full responsibility," she said, apologizing to her victims and community.

One victim, Anthony Wang, shared the devastating impact of the scheme on his life. He lost his savings, which prevented him from purchasing a home for his family of six. As a result, they were forced to live in a small apartment during the pandemic. Wang also experienced health issues due to the stress, which affected his ability to work. He expressed a loss of trust in his family, who had initially encouraged him to invest.