Ontario Securities CommissionCourt Orders Appointment of RSM Richter Inc. as Receiver of Norshield
Securities Decisions and Freeze and cease trade orders
Toronto – At the request of the Ontario Securities Commission (OSC) and supported by the Autorité des marchés financiers (AMF), RSM Richter Inc. (Richter) has been appointed receiver for Norshield Asset Management (Canada) Ltd (Norshield), and several related companies including Olympus United Funds Corporation, by order of the court in Ontario. This appointment authorizes the receiver to take control of all assets and to preserve any documents belonging to the parties. An application is expected to be filed for recognition of the Ontario order in Quebec as soon as possible.
On May 16, 2005, personnel of the AMF, the OSC and the Mutual Fund Dealers Association began a coordinated review of the operations of Norshield and Olympus United Group Inc. in Quebec and Ontario. During that review, Norshield and Olympus United Group Inc. were unable or unwilling to adequately explain the investment structure offered to clients and the flow and the location of client funds.
On May 20, 2005, the OSC suspended Norshield’s registration and it was made a term and condition of Norshield’s registration that a monitor be appointed to oversee Norshield’s business and financial affairs in Ontario. On June 2, 2005 at the request of the AMF, the Bureau de décision et de révision en valeurs mobilières imposed a similar restriction on the registration of Norshield in Quebec. Norshield retained Richter as monitor.
Following receipt of the monitor’s first report, the OSC and AMF acted jointly to seek the appointment of Richter as receiver.
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