A former Burnaby optician has been permanently banned from B.C.'s securities market after defrauding a pensioner he met at his Brentwood optical store in 2013.
Naresh (Nash) Mann convinced the man, a Vancouver resident, to invest $15,400 in an online gambling company, according to information presented in court.
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 was charged with fraud over $5,000 after an investigation by the B.C. Securities Commission criminal investigations branch and received with probation and community service.
He had also previously repaid the victim in full as part of his plea agreement.
On Wednesday, the securities commission announced it had banned Mann from the B.C. market for life.
A BCSC panel concluded Mann’s misconduct was "extremely serious."
"Mann intended to and did deceive an investor who trusted him," stated . "His misconduct demonstrates that he is a risk to the capital markets. We find that he is unfit to participate in the British Columbia capital markets and that permanent prohibitions are warranted."
Despite Mann's misconduct, however, the panel ruled he should be allowed to trade in his own accounts for his sole benefit.
The panel decided allowing Mann to manage his own investments did not pose a risk to the public or the capital markets.
"We reach that conclusion because Mann's fraud had no relationship to trading and because, although Mann's misconduct was serious, Mann's lack of a history of other criminal or regulatory issues and his efforts towards restitution separate him from some of the most untrustworthy individuals who are often the subject of applications of this type," states the ruling.
Mann will be permitted to manage his own investments as long as he provides a registered representative with a copy of the BCSC's order.
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