Court appoints receiver to manage affairs of Traynor Ridge Capital Inc.

TORONTO, Nov. 3, 2023 /CNW/ - The Ontario Superior Court of Justice made an order today appointing Ernst & Young Inc. as receiver and manager over the affairs of Traynor Ridge Capital Inc. ("Traynor Ridge Capital") and the funds it manages.

The Ontario Securities Commission (OSC) sought the appointment of a receiver and manager to ensure the best interests of Traynor's investors and creditors are protected, given recent events at the firm, and to bring stability to its operations.

On October 30, 2023, the OSC issued a temporary order against Traynor Ridge Capital that imposes terms and conditions on its registration and prohibits all trading in any securities by or of the firm and in three of the funds it manages. 

Clients of Traynor Ridge Capital with questions about the receivership will be able to visit www.ey.com/ca/traynorridge for additional information once the website is established.

The OSC acknowledges the assistance and support of the Canadian Investment Regulatory Organization in this matter.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.ca.

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SOURCE Ontario Securities Commission