Traynor Ridge Capital Inc. et al., Receivership

Traynor Ridge Capital Inc. et al., a Toronto, Ontario-based investment management firm, was placed in receivership on November 3 on application by the Ontario Securities Commission. On October 27, 2023, the Canadian Investment Regulatory Organization advised the Commission that three introducing firms had settled trades for Traynor but could not recapture the costs of the trades from Traynor’s prime broker, CIBC World Markets, which has since terminated its agreement with Traynor. Immediately after receiving this information, the Commission attempted to reach Traynor, including by leaving a message with Christopher Callahan, Traynor’s sole director, officer, and shareholder, but was told he had gone “AWOL”. On October 28, the Commission was informed that Callahan had died. Callahan was Traynor’s Ultimate Designated Person and Chief Compliance Officer, and his death left the company without a director or officer in charge of the firm. EY was appointed receiver. Counsel is McMillan LLP for Traynor and Chaitons for the receiver.

By: Dina Milivojevic