The Ontario Securities Commission (OSC) announced today that David Singh of Richmond Hill, Ontario has been charged with fraud and related offences under the Securities Act (Ontario) following an investigation by the OSC’s Joint Serious Offences Team (JSOT).
Mr. Singh has been charged with the following offences under the Securities Act: one count of trading of securities without registration as required by section 25(1), one count of trading in securities without a prospectus as required by section 53(1), and one count of fraud, contrary to section 126.1(1) (b) of the Securities Act.
These allegations relate to the sale of more than $5.5 million worth of securities in Rockfort Mortgage Investment Corporation (Rockfort) and Greenview Capital Mortgage Investment Corporation (Greenview) to Ontario investors between November 1, 2014 and January 31, 2018.
The OSC further alleges that a significant percentage of the money obtained by this alleged fraud was used by Singh for purposes unrelated to these businesses and was to the detriment of investors.
Singh is scheduled to appear in court on this matter on July 6, 2018 at 11:00 a.m. in Courtroom #111 at Old City Hall Provincial Court, 60 Queen Street West, Toronto, ON.
To date, JSOT has pursued 42 matters involving 58 accused.
JSOT was established by the OSC as an enforcement partnership between the OSC, the Royal Canadian Mounted Police Financial Crime program and the Ontario Provincial Police Anti-Rackets Branch. The primary objective of JSOT is to protect investors and further enhance confidence in the Canadian capital markets through effective enforcement. This is accomplished through collaborative investigations of serious violations of the law using the provisions of the Securities Act or the Criminal Code.
The OSC’s partnership with law enforcement allows for criminal charges to be laid by JSOT members, which include police officers seconded to the OSC. Charges laid under the Criminal Code are prosecuted by the Ministry of the Attorney General.