Vimal Chandra Iyer was sentenced to seven years in prison – less 30 days for time served – on Friday after being convicted of fraud following a nearly yearlong trial in Edmonton.
Iyer was also ordered to pay an undisclosed amount to his victims in connection with several land development schemes.
Iyer was arrested in 2011 on fraud and theft charges related to his company Trident Properties Ltd. An investigation by the Alberta Securities Commission found Trident and Iyer bought and sold agricultural land on the premise that it was suitable for urban, residential or industrial development in the near future. They raised about $6.5 million by selling undivided interests, or UDIs, to more than 100 Alberta investors.
READ MORE: 42-week jury trial involves multi-million fraud case
Watch below: On Jan. 6, 2015, Fletcher Kent filed this report on Vimal Iyer facing 40 charges relating to several land development schemes.
Iyer was later charged with 40 counts of fraud in connection with the scheme. His jury trial was originally scheduled for 42 weeks and according to reports, ended up taking 11 months.
-with files from Emily Mertz
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