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Court appoints receiver to take control of Traynor Ridge

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The move follows the OSC’s decision to place Traynor Ridge, which has $95-million in assets under management, under a cease trade order after the sudden death of its founder

The Ontario Securities Commission has received court approval to appoint a receiver to take control of Traynor Ridge Capital Inc. and its funds after saying there’s an “urgent” need to minimize risks to investors and multiple investment firms.

Three investment dealers executed trades for Traynor Ridge, then couldn’t collect payment for the securities. The OSC estimated Monday that the three dealers have potential losses amounting to approximately $85-million to $95-million.

 

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