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.”
He was released last Wednesday on $10,000 cash bail with a number of conditions. A trial date has yet to be set.
Mangat has been in trouble with financial regulators before: In 2010, the Insurance Council of B.C. stripped him of his insurance licence.
The council found he took $43,500 from a client by obtaining loans against the client’s life insurance policy.
Vancouver Sun – August 14, 2017.