Investment scammer sent to slammer

A convicted fraudster has been sentenced to prison time and ordered to pay restitution following criminal convictions for a fraud uncovered by a British Columbia Securities Commission (BCSC) investigation.

The BCSC said Ravinderpaul Singh Mangat (aka Rob Mangat) of Surrey, B.C., who was convicted of two counts of fraud over $5,000 in B.C. provincial court earlier this year, has now been ordered to serve three years in jail and to repay $500,000.

The convictions and sentencing follow a criminal investigation by the BCSC, which found “evidence that Mangat convinced the victim to invest $500,000 between 2012 and 2013 in a ‘Privileged Investment Club’ offering a high guaranteed return,” the commission said in a release.

Instead of investing the victim’s money, the court found that “Mangat spent the bulk of the funds on an extravagant lifestyle,” the BCSC said.

Mangat was arrested by Vancouver police in 2017, and was convicted in January of this year.

“With time served, he has 21 months left on his sentence,” the BCSC reported.

James Langton

James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.