Surrey man accused of securities fraud

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A Surrey man who B.C. Securities Commission investigators say used $500,000 of a client’s money to pay off debts has been arrested by Vancouver police.

Ravinderpaul (Rob) Singh Mangat, 44, was arrested Aug. 5 following an investigation by the securities commission’s criminal investigations branch. Police arrested him on a warrant issued for two counts of fraud over $5,000.

From July 2012 through October 2014, the commission alleges Mangat told a Vancouver resident he would invest their money in a “privileged investment group,” and claimed this would yield high returns; instead, he “spent the bulk of the invested funds on personal expenses and paying off debts.”

Read more at Vancouver Sun

This article is summarized by Canadian Fraud News Inc.