A former Canadian Imperial Bank of Commerce employee currently serving a two-year conditional sentence for committing a $20 million fraud involving mutual fund clients has been sentenced to one year in jail by a Canadian court.

The worker, Dane Clarke, has been basically under house arrest while serving the conditional sentence, leaving his home only for work, shopping, medical and other excused purposes. Clarke is convicted of obtaining confidential customer account information to transfer $20 million out of 33 mutual fund client accounts into an account he controlled in November 1999. The plot was unraveled early on when one of the fund customers noticed money missing from their account.

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