Yonge Street Capital (YSC) co-founder Nathanael Anthony Aikman has been found guilty of fraud charges by a Canadian provincial court for accepting millions of dollars from investors and giving them false information about their returns. 

The Ontario Securities Commission said in its press release that the Ontario Court of Justice ordered Aikman to be in prison for four years and to return C$3.9 million (2.9 million) to investors. 

READ NEXT: Canada Exploring Potential Tariffs on China-Made EVs Following US and EU's Lead

Aikman's Fraud Charge

The court heard that around 70 individuals invested C$6.2 million ($4.55 million) and admitted that Aikman fabricated the returns generated from his trading activity.

Bloomberg reported that he was charged alongside YSC partners Syen Saad Aziz and Jazib Ali Khan. Both were found guilty of unregistered reading but not of fraud. 

In 2019, investors were told that their accounts would be liquidated and that they would be refunded their full balance. However, Aziz learned that he was "duped" and that Aikman forged the fund's monthly returns, which led to Aziz and Khan filing a complaint with police.

It was revealed that the sentence was part of a guilty plea deal in November in exchange for agreeing to cease trading in securities for ten years and pay C$60,000 ($44.000). 

It is understood that only Aikman has access to YSC's brokerage account, while his partners can only monitor the fund's performance through a spreadsheet. 

READ MORE: Toronto Shooting: Wife of Gunman Says 2 Victims Behind Alleged Scam That Defrauded Their Family