A former Burnaby optician has been permanently banned from the British Columbia securities market after defrauding a retiree he met at his Brentwood optical store in 2013.

Naresh (Nash) Mann convinced the man, a Vancouver resident, to invest $15,400 in an online gaming company, according to information presented in court.

Mann claimed the investment would generate significant returns within six months, but instead of investing the money as promised, he used it for personal expenses.

Mann was charged with fraud over $5,000 following an investigation by the Criminal Investigation Branch of the British Columbia Securities Commission. a suspended sentence in 2023 with probation and community service.

He also previously reimbursed the victim in full as part of his plea deal.

On Wednesday, the securities commission announced it had banned Mann from the British Columbia market for life.

A BCSC panel concluded that Mann’s misconduct was “extremely serious.”

“Mann intended to deceive and did deceive an investor who trusted him,” said the decision. “His misconduct demonstrates that he poses a risk to the financial markets. We conclude that he is unfit to participate in British Columbia’s financial markets and that permanent bans are warranted.”

Despite Mann’s misconduct, the committee decided that he should be allowed to make transactions in his own accounts for his sole benefit.

The panel decided that allowing Mann to manage his own investments did not pose a risk to the public or financial markets.

“We reach this conclusion because Mann’s fraud was unrelated to commerce and because, although Mann’s misconduct was serious, Mann’s lack of criminal or regulatory history and his efforts in restitution separates him from some of the most untrustworthy people who are often the subject of requests of this type,” the judgment states.

Mann will be permitted to manage his own investments provided he provides a registered representative with a copy of the BCSC order.

Follow Cornelia Naylor on Twitter @CorNaylor

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