Neil Andrew McDonald sentenced to 2 years for securities fraud

A Calgary man has been sentenced to two years in jailand ordered to pay $240,000 restitution to three people he defrauded.

NeilAndrewMcDonald pleaded guilty to threecounts of fraud, as well as misleadinginvestors and violating a 2010 Alberta Securities Commission (ASC) settlement agreement.

"When he made his guilty pleas,McDonaldadmitted that he had taken funds from three investors on the basis he would use the money to purchase securities in real estate investments connected to Edgeworth Properties Inc.," said the ASC in a release.

"Instead, he put the investors' money into an account he controlled and used the funds for personal purposes."

Judge Van De Veenalso orderedMcDonaldto "permanently refrain from trading in securities or acting as an advisor in connection with activities in the securities market."