CALGARY, May 29, 2014 /CNW/ - A Provincial Court of Alberta judge has
sentenced Amarinder Singh (Mark) Lall to three years in a federal
penitentiary after being found guilty on four counts of breaching
Alberta securities laws, including: fraud; making misleading
statements; trading in securities without being registered; and
distributing securities without a prospectus or applicable exemption.
Lall, who had no prior record, had previously plead guilty to the
offences under Alberta securities laws. He spent 53 days in pre-trial
custody following his arrest after fleeing from Alberta to Ontario. As
part of his sentence, Lall was given credit for time served.
Provincial Court Judge Skene also ordered Lall be permanently banned
trading in or purchasing securities and the use of all Alberta
securities laws exemptions;
becoming or acting as a director or officer of any issuer, registrant or
investment fund manager, or promoter;
advising in securities or exchange contracts; and
acting in a management or consultative capacity in connection with
activities in the securities market.
In November 2011, the Alberta Securities Commission charged Lall in
Provincial Court in connection with raising $975,000 through the sale
of securities issued by Lall. Instead of investing his client's money,
Lall converted the funds to his own use.
A copy of a transcript of the verbal decision can be obtained through
the Provincial Court of Alberta in Calgary.
The ASC is the regulatory agency responsible for administering the
province's securities laws. It is entrusted with fostering a fair and
efficient capital market in Alberta and protecting investors. As a
member of the Canadian Securities Administrators, the ASC works to
improve, coordinate and harmonize the regulation of Canada's capital
SOURCE: Alberta Securities Commission
For further information:
For Media Inquiries:
Senior Communications Advisor
For Investor Inquiries:
ASC Public Inquiries
Toll Free 1.877.355.4488