A man has been arrested in Vancouver on fraud charges on August 5 after an investigation by the BC Securities Commission’s Criminal Investigations branch.
Mr Mangat is currently charged with two counts of fraud over $5,000.
The warrant for Mangat’s arrest was issued in connection with fraud charges against Mangat under the Criminal Code, which were sworn June 1, 2017, according to the commission.
It is alleged that from July 2012 to October 2014, Mangat convinced a resident to invest $500,000 in a “Privileged Investment Group” offering a high guaranteed return.
Rather than invest the money as promised, it is alleged that Mr Mangat spent the bulk of the invested funds on personal expenses and paying off debts.
Mangat was released on $10,000 cash bail with a number of conditions on Aug. 9 and a trial date has yet to be set.
Mangat has been in trouble before.
In October of 2010 the Insurance Council of British Columbia cancelled his license after allegations he “took $43,500 from a client by obtaining loans against a life insurance policy owned by the client and then depositing the loan proceeds into his personal bank account, unbeknownst to the client.”