Calgary man convicted of fraud ordered to pay thousands in restitution to investors

A Calgary man was convicted and sentenced to two years in prison earlier this week after pleading guilty to fraud and breaching an ASC order.

John Carlos Labun of Calgary was sentenced on Monday after pleading guilty to one count of fraud and three counts of failure to comply with an ASC order.

Labun was also ordered to pay $302,300 restitution to eight investors.

Officials say he fraudulently accepted investments between December 2013 and February 2017 and that some of the money was raised while Labun was subject to a ban that was imposed previously on an unrelated matter.

Labun was also permanently banned from;

• A number of activities including: trading in or purchasing any securities or derivatives;
• A becoming or acting as a director or officer, or both, of any issuer; advising in securities or derivatives; or engaging in investor relations activities; and,
• A relying on exemptions in Alberta securities laws

The charges were the result of an investigation by the Joint Serious Offences Team (JSOT), which is a partnership between the ASC and the RCMP.