WhiteHaven Securities Inc. et al., Provisional Administration

WhiteHaven Securities Inc. et al., a multi-licensed investment firm based in Québec, was placed in provisional administration on September 12 on application by the Autorité des marchés financiers.

In recent months, the Autorité has been investigating WhiteHaven and has concluded that there are reasonable grounds to believe that the company’s assets have been used for improper purposes and that a manager or director of the company has committed embezzlement, breach of trust or another offense.

The provisional administration order suspends all new sales of products on the exempt market to enable the provisional administrator to ensure that products offered to customers are properly valued, and that conflicts of interest arising from the sale of products of related or connected issuers are adequately disclosed and properly managed.

FTI is the provisional administrator.