An Edmonton businessman convicted of fraud has been sentenced to seven years in prison and ordered to pay more than $2 million in restitution to his victims. Vimal Iyer was found guilty in August of 33 counts of fraud for a scam that involved promoting and selling interests in three land developments northeast of Edmonton through his company, Trident Properties.
Extravagant lifestyle paid for by the investors
The Crown argued that Iyer induced people to invest money but never told them there was “significant unlikelihood that the land would or could be rezoned, developed or serviced in the foreseeable future.” Iyer had an extravagant lifestyle, paid for with money given to Trident by the investors. He showed no remorse, steadfastly maintained his innocence and never tried to pay restitution. Iyer declined the opportunity to make a statement to the court.
Read more about the investment scam at CBC News.