Richmond man sentenced for fraud

VANCOUVER, BC, Nov. 24, 2023 /CNW/ - A Richmond resident was given a suspended sentence with probation after pleading guilty to fraud over $5,000, following an investigation by the B.C. Securities Commission (BCSC).

Naresh Singh Mann (a.k.a. Nash Mann), 58, had previously pleaded guilty in Vancouver Provincial Court for persuading a Vancouver resident to invest in an online gambling company in 2013. Mann claimed the investment would generate significant returns in six months, but instead of investing the money as promised, he misappropriated the bulk of the invested funds.

The BCSC's Criminal Investigations Branch conducted the investigation, and recommended to the B.C. Prosecution Service that Mann be charged with fraud and theft. Mann pleaded guilty in 2018. The sentencing was delayed to give Mann time to pay restitution to the victim, the pandemic caused significant delays, and Mann asked for several postponements.

Under the plea agreement, Mann repaid the victim in full by November 2021. Following a joint submission by Crown Counsel and Mann's counsel, a Vancouver Provincial Court judge on November 17 gave Mann a suspended sentence with 12 months probation, during which he must report to a probation officer, reside as directed and not change his address without the prior written permission of his probation officer. He must also complete 50 hours of community work service within nine months of his sentencing.

About the B.C. Securities Commission (www.bcsc.bc.ca)

The B.C. Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:

• A securities market that is fair and warrants public confidence
• A dynamic and competitive securities industry that provides investment opportunities and access to capital.

Learn how to protect yourself and become a more informed investor at www.investright.org

SOURCE British Columbia Securities Commission