OSC Charges Principals of Yonge Street Capital LLC with Securities Act Offences
For Immediate Release Before the Court OSC
Mr. Aikman was charged with the following offences under the Securities Act: one count of trading securities without registration, one count of trading in securities without a prospectus, and one count of fraud.
Mr. Aziz and Mr. Khan have each been charged with one count of trading securities without registration and one count of trading in securities without a prospectus.
These allegations relate to Yonge Street Capital LLC (YSC), a purported hedge fund established by the three accused. Between October 27, 2016 and August 30, 2019, 71 individuals invested more than $6.2 million in YSC. The OSC alleges that a significant percentage of the money obtained by this alleged fraud was used by Mr. Aikman for purposes unrelated to YSC’s business, and to the detriment of investors.
The accused are scheduled to appear in court on this matter on January 18, 2021 at 11:00 a.m. in Courtroom #112 at Old City Hall Provincial Court, 60 Queen Street West, Toronto, Ontario.
Any investors who were solicited or who invested in YSC should contact the OSC’s Contact Centre at 1-877-785-1555 (Toll Free) or [email protected].
This investigation was conducted by staff within OSC Enforcement that investigate quasi-criminal and criminal offences related to securities, including the investigation of alleged recidivists. The primary objective is to protect investors and further enhance confidence in the Canadian capital markets through effective enforcement.
Quasi-criminal charges are prosecuted by the OSC. Charges laid under the Criminal Code are prosecuted by the Ministry of the Attorney General.
To date, OSC Enforcement has pursued 48 quasi-criminal and criminal matters involving 69 accused.
Staff thank the British Columbia Securities Commission and the United States Securities and Exchange Commission for their assistance with this investigation.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in the capital markets. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.gov.on.ca.