The Ontario Securities Commission (OSC) on Monday announced that Omokhodion Oshingbeme was ordered to spend six months in jail, followed by an 18-month conditional sentence after he pled guilty to two counts of fraud over $5,000, five counts of possession of property obtained by crime, one count of breach of probation, and one count of breach of recognizance.

Oshingbeme pled guilty on Jan. 8 and was sentenced on Monday in Toronto.

The charges stem from an investigation carried out by the Ontario Securities Commission’s (OSC) Joint Serious Offences Team (JSOT) — an enforcement partnership between the OSC, the RCMP and the OPP to carry out investigations into serious frauds — which uncovered alleged frauds that cost investors approximately $290,000.

When the charges were first announced in October 2014, the OSC alleged that Oshingbeme defrauded six victims, between 2011 and 2013, including a scheme where he posed as a wealthy foreign “angel investor” looking to invest capital into the retirement home business in order to defraud the owners of a retirement home.

He was originally charged with six counts of fraud and possession of property obtained by crime, along with two counts of breach of recognizance and one count of breaching a probation order.

Oshingbeme’s sentence reflects credit for 10 and one-half months of pre-trial custody, the OSC says.