(1) Subject to subsection (2), any person who commits a fraudulent breach of trust is liable on conviction on indictment to imprisonment for 5 years, or on summary conviction to imprisonment for 2 years.
(2) If because of a previous conviction, either summarily or on indictment, for a similar offence, or for any other cause, the magistrate is of opinion that a summary charge under this section ought to be tried as an indictable offence, he or she may deal with it as such.