Convicted fraudster banned from financial markets in B.C.

The B.C. Securities Commission logo in an undated file photo.

B.C.'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 back in 2018, but his sentencing was delayed for several years to allow him to pay restitution to his victim. 

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

On Tuesday, a panel of the B.C. 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 a registrant himself.

He must also resign any positions he holds as a director or officer of a registrant, and he is banned from engaging in promotional activities in the investment market.

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

The panel's order sheds additional light on the crime that Mann committed, quoting from the sentencing decision in the case.

According to the decision, Mann met his victim – identified only as CS – in February 2013, when CS was shopping in 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 money that he would be willing to invest for six months in a business venture relating to online gambling," the BCSC order reads, quoting from the judge's decision.

"Mann told him that he would double his money at the end of six months."

CS met with Mann a few more times, telling the fraudster that he "could not afford to lose his money."

Mann assured him that he wouldn't, and promised returns of 25 to 100 per cent 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 bulk of the funds on retail purchases, cash withdrawals, and business expenses," the decision reads.

Mann argued he should receive a shorter ban and other, less-severe punishment, claiming that he had an accident in 2020 that left him with a serious concussion and cognitive impairment, and that he has not engaged in any securities trading outside of his own accounts since the accident. He said he had already "voluntarily" removed himself from the market and presented minimal risk of reoffending.

The panel rejected these arguments, finding that his misconduct was "extremely serious" and worthy of a permanent ban.

"Mann intended to and did deceive an investor who trusted him," the panel's order reads.

"His misconduct demonstrates that he is a risk to the capital markets."