British Columbia’s financial markets regulator has permanently banned a convicted fraudster from various investment activities.

Naresh Singh Mann, whose last name is also spelled “Maan,” pleaded guilty to fraud over $5,000 in 2018, but his conviction was delayed for several years to enable him to compensate his victim.

In November 2023, he was given a suspended sentence with 12 months of probation. He was also ordered to perform 50 hours of community service within nine months of his conviction.

On Tuesday, a committee of the British Columbia Securities Commission issued a permanent ban prohibiting Mann from participating in the investment market as a director or officer of any registered issuer of securities, or from becoming registered himself .

He must also resign from any position he holds as a director or officer of a registered person and he is prohibited from engaging in promotional activities in the investment market.

Mann is, however, allowed to manage his own personal investment accounts.

The committee’s order sheds additional light on the crime committed by Mann, citing the sentencing decision in the case.

According to the ruling, Mann met his victim – identified only as CS – in February 2013, while CS was shopping at Mann’s store. At the time, CS was in his early 60s.

“During a conversation in which CS revealed to Mann that he was retired, Mann asked him if he had any money that he would be willing to invest for six months in a related business online gaming,” the BCSC order said, citing the judge’s ruling.

“Mann told him he would double his money after six months.”

CS met with Mann several times and told him he “couldn’t afford to lose his money.”

Mann assured him that he would not do so and promised returns of 25 to 100 percent on the amount CS invested.

Ultimately, CS provided Mann with a bank draft for $15,400, payable to a numbered company controlled by Mann.

“None of CS’s funds were invested in the business venture. Rather, Mann, the numbered company and Mann’s wife spent the majority of the funds on retail purchases, cash withdrawals and in business expenses,” the decision states.

Mann argued that he should receive a shorter ban and other less severe sanctions, saying he had an accident in 2020 that left him with a severe concussion and cognitive impairment, and that he does not was engaged in any securities trading outside of its own accounts. since the accident. He said he had already “voluntarily” withdrawn from the market and posed minimal risk of reoffending.

The panel rejected these arguments, finding that his misconduct was “extremely serious” and deserved a permanent ban.

“Mann intended to deceive and did deceive an investor who trusted him,” the panel’s order states.

“His misconduct demonstrates that he represents a risk to the financial markets.”