A man from Alberta was sentenced to two years in jail and ordered to pay back more than $300,000 to investors after pleading guilty to fraud and failing to comply with an Alberta Securities Commission (ASC) order.
John Carlos Labun of Calgary fraudulently raised money from investors between December 2013 and February 2017, the ASC said in a release.
Some of the money was raised while Labun was subject to a one-year ban the ASC had imposed in 2015 for his involvement with companies that illegally distributed securities related to land purchase projects. He was ordered to pay a $50,000 administrative penalty at that time.
The Alberta Provincial Court issued his sentence on Monday. In addition to the jail term, Labun was permanently banned from conducting securities activities and ordered to pay restitution totalling $302,300 to eight investors.