Traders Global Group Inc. et al., Receivership

Traders Global Group Inc. et al., a Vaughan, Ontario-based company which provides trading technology and other services, with live trading platforms in forex and commodities, was placed into receivership on December 21, on application by the Ontario Securities Commission. The purpose of the appointment of receiver is as a collateral safeguard. The OSC is concerned that fraud, including the sale of securities without a registration, has occurred, but needs more time to complete its investigation. In addition, the OSC has frozen approximately USD$90 million in assets, and believes a receiver is better equipped to monitor those funds and make decisions about their preservation. Grant Thornton was appointed receiver. Counsel is Aird & Berlis for the receiver and Stikeman Elliott for Traders Global.

By: Dina Milivojevic