A B.C. Securities Commission (BCSC) panel has permanently banned a convicted Vancouver fraudster from British Columbia’s investment market, the BCSC announced on Wednesday.

In 2018, Naresh Singh Mann (also known as Naresh Singh Maan) pleaded guilty in provincial court to the Criminal Code offence of fraud over $5,000 for persuading a Vancouver resident to invest $15,400 in an online gambling company. Mann claimed the investment would generate significant returns in six months, but instead of investing the money as promised, he used it for his personal expenses.

Mann received a suspended sentence in 2023 with probation and mandatory community service. He had also previously repaid the victim in full as part of his plea agreement.

Mann was charged following an investigation by the BCSC’s Criminal Investigations Branch.

The BCSC panel concluded that Mann’s “misconduct was extremely serious…Mann intended to and did deceive an investor who trusted him.”

In explaining its reasons for imposing a lifetime market ban, the panel said that “his misconduct demonstrates that he is a risk to the capital markets.”

The BCSC said that Mann is permanently restricted from participating in B.C.’s investment market, including prohibited from being a director or officer of any issuer or registrant and from becoming a registrant, among other restrictions.  He may continue to manage his own accounts.

The BCSC said it imposed sanctions on Mann under its authority to reciprocate orders by other securities regulators, self-regulatory organizations, exchanges or courts.