Amarinder Singh Lall, also known as Mark Lall pled guilty to a fraud charge in the Provincial Court of Alberta, the Alberta Securities Commission (ASC) announced on Tuesday.
Lall admitted to the court that he received $875,000 from an investor, which he used personally rather than investing the money on the client’s behalf. Lall further admitted to making misleading statements, trading in a security without being registered and distributing a security without a prospectus or applicable exemption, all of which are in violation of Alberta securities laws.
The ASC originally brought these charges against Lall in November 2011. The provincial regulator withdrew additional charges – providing investment advice without being registered and engaging in other illegal trade and distribution – against Lall.
The court ordered that a pre-sentence report and psychological assessment be completed by Jan. 8, 2014. A formal sentencing hearing is scheduled for Jan. 21, 2014.