The Globe and Mail reports in its Thursday edition an Ontario judge has sentenced investment manager Keith Summers to three years in jail after he pleaded guilty to fraud involving exchange-traded funds. The Globe's Janet McFarland writes Mr. Summers, 49, admitted he overstated the assets under management while operating ETFs at Tricoastal Capital Partners, and concealed losses at his funds by falsifying monthly statements and tax forms. In April, 2013, he admitted he forged an audited financial statement. And Ontario Court judge ordered Mr. Summers to pay $4.3-million (U.S.) in restitution for his clients' losses. In an agreed summary of facts for his guilty plea, Mr. Summers also admitted he withdrew almost $1-million of investors' money from his funds to pay his personal and business expenses. Mr. Summers reported his illegal activities to the Ontario Securities Commission, which launched an investigation with the U.S. Securities and Exchange Commission. He agreed to a settlement in August that included a permanent ban from trading securities in Ontario and a permanent ban from working as a registrant in the financial industry. Most of Mr. Summers's investors were based in the United States.