A former Concrete Equities executive charged with fraud and theft after bilking 1,200 investors out of more than $20 million has pleaded guilty to his role in the scam but will not likely spend any time behind bars. Varun Aurora, 33, pleaded guilty to one charge of fraud over $5,000 on Friday afternoon while the other charges were dropped. Denise Hamilton and Donna Anderson both lost money through their investments with Concrete Equities. They want to see Varun Aurora spend time in jail. In 2011, four former executives of Calgary-based Concrete Equities, including Aurora, were found guilty by the Alberta Securities Commission of breaking provincial securities laws and misleading investors.

Source: CBC News September 30, 2016 22:10 UTC