An Alberta man has been sentenced to three years in jail after admitting to securities fraud and various other rule violations.
The Alberta Securities Commission (ASC) reports that provincial court judge Skene has sentenced Amarinder Singh (Mark) Lall to three years in a federal penitentiary, along with a permanent trading and registration ban. Earlier this year, Lall pled guilty to fraud and several violations of provincial securities laws. (See Investment Executive, Lall pleads guilty to fraud, September 10, 2013.)
Lall admitted that he received $875,000 from an investor and converted the funds to his own use, rather than investing the money on his client’s behalf, the ASC says.
The ASC notes that Lall pled guilty to breaking securities laws by making misleading statements, trading without registration, and distributing a security without a prospectus or an exemption.
Lall was originally charged by the ASC back in 2011. The regulator later withdrew charges that he provided investment advice without being registered and engaged in a further illegal trade and distribution.
The ASC notes that Lall, who had no prior record, spent 53 days in pre-trial custody following his arrest after fleeing from Alberta to Ontario, and that he was given credit for time served.