Surrey man sentenced to three years in prison for criminal fraud
Vancouver – A Surrey man has been sentenced to three years in prison for defrauding a Vancouver resident of $500,000 following a criminal investigation by the British Columbia Securities Commission (BCSC).
Ravinderpaul Singh Mangat (also known as Rob Mangat) was sentenced October 29 in B.C. Provincial Court in Vancouver after being convicted of two counts of criminal fraud over $5,000. With time served, he has 21 months left on his sentence. In addition to the prison term, Mangat was ordered to pay $500,000 in restitution.
As a result of its investigation, the BCSC uncovered 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 court found that Mangat spent the bulk of the funds on an extravagant lifestyle, rather than investing the money as promised.
Mangat was initially arrested in 2017 by the Vancouver Police Department following an investigation by the BCSC's Criminal Investigations Branch.
About the British Columbia Securities Commission (www.bcsc.bc.ca)
The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:
- A securities market that is fair and warrants public confidence
- A dynamic and competitive securities industry that provides investment opportunities and access to capital
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