A man has been charged by the Ontario Securities Commission over an alleged multi-million-dollar mortgage investment fraud.
David Singh of Richmond Hill, Ontario, is charged with fraud and related 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.
The charges relate to the sale of more than $5.5 million worth of securities in Rockfort Mortgage Investment Corporation and Greenview Capital Mortgage Investment Corporation.
The investments were sold to Ontario investors between November 1, 2014 and January 31, 2018.
The OSC 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.”
He is due to appear in court on July 6, 2018.
The OSC is asking any investors who were solicited or who invested in Rockfort or Greenview should contact 1-877-785-1555.