PACE credit union launches investigation of improper investment sales by brokerage arm: PACE Savings and Credit Union is launching an investigation into whether a subsidiary improperly sold risky investment products that lost up to 86 per cent of their value when the coronavirus pandemic upended financial markets. (James Bradshaw)
Quadriga’s missing money due to fraudulent trading by founder, watchdog says: Gerald Cotten, the late founder of collapsed cryptocurrency exchange QuadrigaCX, ran the company like a Ponzi scheme, engaging in fraudulent trading that created substantial losses for its users, Ontario’s securities watchdog says in a new report. (Alexandra Posadzki and Greg McArthur)
Canaccord energy franchise hit with staff cuts, departures: Canaccord Genuity cut key staff in its Canadian energy franchise this week as part of the investment dealer’s plan to find $20-million in savings amid a worsening outlook for Alberta’s already-struggling oil patch. (Jeffrey Jones and Mark Rendell)
Richardson GMP, Cormark Securities announce ‘strategic alliance’: After selling off its capital markets division late last year, Richardson GMP Ltd. is aligning with investment bank Cormark Securities Inc. in a move that could help keep advisers from jumping ship as the money manger works on its final stage of a corporate restructure. (Clare O’Hara and Mark Rendell)
Canada’s investment sector needs a new regulator, not just a merger of existing bodies: The current pandemic has shown that when pressed, government can indeed be bold and act quickly to protect Canadians. We have seen significant social safety-net programs implemented by federal and provincial governments at breakneck speed and the Canadian Securities Administrators (CSA) have also moved quickly to grant emergency regulatory exemptions and relief to the companies they regulate. Such responsive action by the CSA is to be lauded, but this leads me to ask: Where is the swift and decisive action in the name of investor protection and the public interest? (Ken Kivenko)
The Streetwise newsletter is Monday to Friday. If you’re reading this on the web, or if someone forwarded this e-mail to you, you can sign up for Streetwise and all Globe newsletters on our signup page.