Victim paid $90,000 for securities he was told were worth $3 million
A Toronto man has been jailed for 90 days after defrauding a senior of $90,000.
The Ontario Securities Commission announced that Sydney Lederman was also sentenced to three years of probation and ordered to pay restitution.
Lederman pleaded guilty prior to trial on February 20 to a charge of Fraud Over $5,000. It relates to sales of securities in a company known as Bridgestone Resources Exploration Ltd between September 30, 2013 and the same date in 2015.
In a statement, the regulators said: “The victim was a senior citizen who paid $90,000 for securities that Mr Lederman fraudulently claimed were worth $3 million but, in fact, were worthless as Bridgestone Resources Exploration Ltd is defunct.
“Mr Lederman used the funds received for his personal use. No funds were recovered. Mr Lederman has been ordered to make restitution of the funds he fraudulently obtained from the victim.”
The sentence was handed down by Justice M. Wong at the College Park-Ontario Court of Justice on April 13. The investigation was carried out by the OSC’s Joint Serious Offences Team.