TORONTO - A man has been sentenced to two years in prison for a nearly $5-million investment scam, the Ontario Securities Commission said Wednesday.
Terrence Bedford pleaded guilty to one count of fraud under the Securities Act in Ontario court.
The OSC said Bedford admitted to misleading roughly 24 Canadian and American investors between 2000 and 2011 into believing that a fund he ran called Greyhawk Equity Partners Limited Partnership was highly profitable.
The regulator said he created fake documents for investors that hid the true value of the fund and the actual investment losses.
"This case demonstrates that the OSC continues to aggressively pursue people who commit securities fraud in Ontario's capital market," said Tom Atkinson, the OSC's director of enforcement.
"It is important that the appropriate sentences are imposed for serious financial crime to deter like-minded individuals."
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