The former Concrete Equities executive who pleaded guilty for his role in a scam that bilked 1,200 investors out of more than $20 million was sentenced in court Wednesday but he won't spend any time in jail.

Varun Aurora, 33, was sentenced by Judge Joanne Durant to two years less a day, to be served in the community, after pleading guilty to fraud over $5,000.

He will also have to perform 240 hours of community service, hand in his passport, report to a probation office and abide by a 11 p.m. to 6 a.m. curfew — except for the first six months when he will be confined to his house 24 hours a day except for work and approved appointments.

Court also issued a 20-page list of people he is not allowed to contact.

Two victims were in court for the sentencing.

Durant noted during the proceeding that the criminal code has been amended since Aurora was arrested and had he committed the crimes today, would have been facing a mandatory two years behind bars.

"A conditional sentence wouldn't be available for somebody doing this exact same thing in, say, 2016," said Crown Prosecutor Steven Johnston.

"For that matter, 2014 as well. You get sentenced based on the law that existed at the time you committed the offence, and at the time there was no minimum punishment."

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. Aurora was living in India when he was arrested and came back voluntarily to face charges.

Aurora has paid $63.70 of the $500,000 fine imposed on him by the commission.

Dave Humeniuk of St. Albert, Alta., also faces criminal charges of fraud, money laundering and theft.

His trial is set for Nov. 20, 2017.