19:45:48 EDT Sat 07 Sep 2024
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FP/wire say OSC target Aikman handed four-year sentence

2024-07-11 06:47 ET - In the News

The Financial Post reports in its Thursday edition that a trader in Toronto received a four-year prison sentence after accepting millions of dollars from investors, then giving them false information about their returns. A Bloomberg dispatch to the Post says that an Ontario court handed down the penalty to Nathanael Anthony Aikman, who pleaded guilty in November to fraud and trading securities without registration. He has also been ordered to pay restitution of more than $3.9-million. Mr. Aikman was one of the founders of Yonge Street Capital LLC, which purported to be a hedge fund that invested in various securities and cryptocurrencies, according to a Tuesday statement from the Ontario Securities Commission. Over a period of almost three years, Yonge Street took in more than $6.2-million from 71 investors, the regulator said. Mr. Aikman developed a structure at the fund that he claimed would guarantee a 25-per-cent return on investment, according to documents filed by the regulator. However, much of the money "was used by Mr. Aikman for purposes unrelated to YSC's business, and to the detriment of investors," the Ontario commission said.

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