Court sentences Amarinder Singh Lall to three years in jail for fraud

CALGARY, May 29, 2014 /CNW/ - A Provincial Court of Alberta judge has sentenced Amarinder Singh (Mark) Lall to three years in a federal penitentiary after being found guilty on four counts of breaching Alberta securities laws, including: fraud; making misleading statements; trading in securities without being registered; and distributing securities without a prospectus or applicable exemption.  Lall, who had no prior record, had previously plead guilty to the offences under Alberta securities laws. He spent 53 days in pre-trial custody following his arrest after fleeing from Alberta to Ontario.  As part of his sentence, Lall was given credit for time served.

Provincial Court Judge Skene also ordered Lall be permanently banned from:

• trading in or purchasing securities and the use of all Alberta securities laws exemptions;
• becoming or acting as a director or officer of any issuer, registrant or investment fund manager, or promoter;
• advising in securities or exchange contracts; and
• acting in a management or consultative capacity in connection with activities in the securities market.

In November 2011, the Alberta Securities Commission charged Lall in Provincial Court in connection with raising $975,000 through the sale of securities issued by Lall.  Instead of investing his client's money, Lall converted the funds to his own use.

A copy of a transcript of the verbal decision can be obtained through the Provincial Court of Alberta in Calgary.

The ASC is the regulatory agency responsible for administering the province's securities laws.  It is entrusted with fostering a fair and efficient capital market in Alberta and protecting investors.  As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

SOURCE: Alberta Securities Commission

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