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by Mike Caswell

The Ontario Securities Commission has requested a permanent ban for Nathanael Anthony Aikman, who pleaded guilty to charges arising from the Yonge Street Capital LLC hedge fund scheme. The OSC says that Mr. Aikman lost and misappropriated $3.9-million in investor money, with Mr. Aikman using $1.4-million for personal expenses. He told investors they were guaranteed a 25-per-cent return on their money, according to the OSC.

The proposed ban for Mr. Aikman is contained in an application that the OSC released on Friday, April 2. The OSC is seeking to permanently bar Mr. Aikman from trading, serving as an officer or director, and acting as a promoter. As the OSC sees things, a ban is necessary "to protect investors and safeguard the integrity of Ontario's capital markets."

The events at issue, as set out by the OSC, go back to 2016, when Mr. Aikman was one of three partners in Yonge Street Capital. The men promoted Yonge Street as a hedge fund and raised $6.3-million from investors, according to the OSC. Of that money, Yonge Street paid $2.4-million out in dividends, while Mr. Aikman lost and misappropriated the remaining $3.9-million, the OSC says. He and his associates were not registered with the OSC, nor did they file a prospectus, the application states.

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