After pleading guilty to fraud charges, an Edmonton woman, Cheryl-Lynne Braun, has been sentenced to 12 months in jail, the Alberta Securities Commission (ASC) says.
Braun had been charged in 2022 with six counts of fraud over $5,000 and one count of money laundering following an investigation by Alberta’s Joint Serious Offences Team — a partnership of the ASC and the RCMP’s Integrated Market Enforcement Team in Alberta.
She was sentenced after pleading guilty to three counts of fraud.
According to investigators, Braun solicited $268,000 from nine investors in 2016 and 2017 for purported real estate investments that promised high returns.
Instead, they alleged she used investor funds for unauthorized purposes, “including gambling, personal expenses and paying previous investors.”
Braun was permanently banned from Alberta’s capital markets by the ASC in 2007, following a previous fraud conviction.
“These prohibitions remain in effect,” it noted.