For Immediate Release OSC Enforcement Before the Court

TORONTO – The Ontario Securities Commission (OSC) today announced that David Singh of Richmond Hill has been sentenced to three and a half years in jail and ordered to pay restitution of more than $4.8 million. Mr. Singh was sentenced on May 9, 2022, by Justice M. Greene in the Ontario Court of Justice in Toronto. 

Mr. Singh was convicted of charges under the Securities Act (Ontario) in the Ontario Court of Justice in Toronto on November 9, 2021, including one count of fraud, one count of trading of securities without registration, and one count of trading in securities without a prospectus. 

 “The sentence imposed today sends a strong message that individuals who deceive investors and misappropriate their funds will be held accountable for their misconduct,” said Jeff Kehoe, Director of Enforcement at the OSC. “We will relentlessly pursue prison sentences for individuals who commit crimes like these, which have a devastating impact on the lives of victims and their families.”  

The conviction relates to the fraudulent sale of more than $5.5 million worth of securities in Rockfort Mortgage Investment Corporation and Greenview Capital Mortgage Investment Corporation to Ontario investors between November 1, 2014 and January 31, 2018. Mr. Singh used a significant percentage of the money obtained by the fraud for purposes unrelated to these businesses and to the detriment of investors.  

The OSC would like to acknowledge the assistance of Detective Sergeant Brigitte Brousseau from the Ontario Provincial Police in the successful investigation and prosecution of this matter. 

This investigation was conducted by a team within the OSC Enforcement branch that investigates the most serious breaches of Ontario securities law, including the investigation of alleged recidivists, and prosecutes these matters in provincial court. Their primary objective is to protect investors and further enhance confidence in the Canadian capital markets through effective enforcement. Since inception, this team has pursued 58 matters before the courts involving 84 accused persons. 

Charges laid under the Securities Act are prosecuted by the OSC. Charges laid under the Criminal Code are prosecuted by the Ministry of the Attorney General. 

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.ca.

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