Ravinderpaul Singh Mangat, who also goes by the name Rob Mangat, was arrested on August 5, following an investigation by the British Columbia Securities Commission’s Criminal Investigations Branch. It is alleged that from July 2012 to October 2014, Mangat convinced a Vancouver resident to invest $500,000 in a “Privileged Investment Group” offering a high guaranteed return. Rather than invest the money as promised, it is alleged Mangat spent the bulk of the invested funds on personal expenses and paying off debts.
VANCOUVER –An Indo-Canadian man from Surrey was arrested for Securities fraud last week.
Ravinderpaul Singh Mangat, who also geos by the name Rob Mangat, was arrested on August 5, following an investigation by the British Columbia Securities Commission’s Criminal Investigations Branch.
The warrant for Mangat’s arrest was issued in connection with fraud charges against Mangat under the Criminal Code, which were sworn June 1, 2017.
Mangat, 44, was arrested in Vancouver on the outstanding warrant by Vancouver Police.
It is alleged that from July 2012 to October 2014, Mangat convinced a Vancouver resident to invest $500,000 in a “Privileged Investment Group” offering a high guaranteed return. Rather than invest the money as promised, it is alleged Mangat spent the bulk of the invested funds on personal expenses and paying off debts.
Mangat is currently charged with two counts of fraud over $5,000 under the Criminal Code.
On August 9, Mangat was released 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, reported the Vancouver Sun.
The council found he took $43,500 from a client by obtaining loans against the client’s life insurance policy.
Between Aug. 19, 2009, and May 14, 2010, Mangat facilitated five loans totalling $43,500 on a life insurance policy owned by the client, who was not named.
The life insurance company issued cheques for the loan proceeds to the client, which were endorsed by “someone other than the client and deposited into the licensee’s bank account,” the council said in its decision.
The council said the client was not aware that Mangat was arranging loans on his policy, and Mangat attempted to conceal his activities by giving the client a false insurance record that did not document the policy loans, reported the Vancouver Sun.
The council concluded that Mangat “is not trustworthy and does not intend to carry on the business of insurance in good faith.”
At the time, the council said Mangat did not respond to their inquiries and that he couldn’t be located before releasing their ruling in October 2010.
Mangat worked in Metrotown at the Sun Life office, where he was also registered as a mutual fund salesman until Aug. 17, 2010, when his registration was terminated, reported the Vancouver Sun.
The British Columbia 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:
