Surrey man Ravinderpaul Singh Mangat has been sentenced to three years in prison and must pay $500,000 in restitution following an investigation by the British Columbia Securities Commission.
Mangat was sentenced Oct. 29 in Vancouver provincial court after he was found guilty of two counts of criminal fraud over $5,000.
The BCSC investigation revealed that Mangat defrauded a Vancouver resident of $500,000 after convincing the victim to invest that money in a “privileged investment club” between 2012 and 2013, offering a high guaranteed return.
According to a BCSC press release, Mangat spent the bulk of the money “on an extravagant lifestyle, rather that investing the money as promised.”
The Vancouver Police arrested him in 2017 and with time served, Mangat has 21 months left on his sentence.
The BCSC is an independent provincial government agency that regulates capital markets in B.C. through the Securities Act.