After selling more than $5.5-million worth of securities in Rockfort Mortgage Investment Corporation and Greenview Capital Mortgage Investment Corporation and using the proceeds for purposes unrelated to those businesses, David Singh has been sentenced to three and a half years of jail time.
“Mr. Singh used a significant percentage of the money obtained by the fraud for purposes unrelated to these businesses and to the detriment of investors,” the Ontario Securities Commission (OSC) wrote in a statement announcing the sentencing decision.
Singh was also ordered to pay restitution of more than $4.8-million.
The Richmond Hill, Ontario man was sentenced on May 9, 2022 by Justices M. Greene in the Ontario Court of Justice in Toronto. He was originally convicted in November 2021 of one count of fraud, one count of trading securities without registration and one count of trading in securities without a prospectus.
“The sentence imposed sends a strong message that individuals who deceive investors and misappropriate their funds will be held accountable for their misconduct,” the OSC’s director of enforcement, Jeff Kehoe said in a statement after the sentence was announced. “We will relentlessly pursue prison sentences for individuals who commit crimes like these.”
