The Ontario Securities Commission (OSC) announced that David Singh of Richmond Hill has been convicted of quasi-criminal charges under the Securities Act (Ontario). Mr. Singh was convicted on November 9, 2021 by Justice M. Greene in the Ontario Court of Justice in Toronto.
Mr. Singh was convicted of the following offences under the Securities Act: one count of fraud contrary to section 126.1(1)(b), one count of trading of securities without registration contrary to section 25(1), and one count of trading in securities without a prospectus contrary to section 53(1) of the Securities Act.
The conviction relates to the fraudulent sale of more than $5.5 million worth of securities in Rockfort Mortgage Investment Corporation and Greenview Capital Mortgage Investment Corporation to Ontario investors between November 1, 2014 and January 31, 2018. A significant percentage of the money obtained by the fraud was used by Mr. Singh for purposes unrelated to these businesses and was to the detriment of investors.
Mr. Singh will next appear in the Ontario Court of Justice in Toronto on January 19, 2022 at 10:00 am, at which time the court will set a date for a sentencing hearing.
This investigation, and prosecution, was
conducted by staff within OSC Enforcement that investigate quasi-criminal and criminal offences related to securities, including the investigation of alleged recidivists. The primary objective of this team is to protect investors and further enhance confidence in the Canadian capital markets through effective enforcement.
Quasi-criminal charges are prosecuted by the OSC. Charges laid under the Criminal Code are prosecuted by the Ministry of the Attorney General.
To date, OSC Enforcement has pursued 55 quasi-criminal and criminal matters involving 79 accused.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.ca.