Former fund industry executive David Singh has been permanently banned by Ontario’s Capital Markets Tribunal.

The regulatory tribunal handed down a ruling on Friday permanently banning Singh from trading, registration and serving as a director or officer of an issuer or a registered firm.

Singh formerly led a large mutual fund dealer, Fortune Financial Corp., and started fund company Infinity Investment Counsel Ltd.

The sanctions were imposed in response to an action brought by the Ontario Securities Commission (OSC) seeking a permanent ban against the former fund industry executive, citing his conviction by the Ontario Court of Justice in 2021 for fraud and the illegal distribution of securities.

According to the OSC, Singh was convicted in connection with a purported mortgage investment scheme that raised over $5 million from investors, almost all of which was never repaid.

In 2022, he was sentenced to three-and-a-half years in jail and ordered to pay $4.8 million in restitution.

According to the tribunal, Singh didn’t participate in the regulatory hearing.

The panel didn’t immediately issue the reasons for its decision.