On September 12, 2024, at the request of the AMF, the Superior Court of Québec appointed a receiver (FTI Consulting Canada Inc.) for several companies acting as dealers, portfolio managers or exempt market issuers. These companies are:
Whitehaven companies
- Whitehaven Securities Inc.
- Whitehaven Asset Management Inc.
- Whitehaven Investments Inc.
- Whitehaven Venture Capital Inc.
- Whitehaven Capital Inc.
Solstar companies
- Solstar Pharma Inc.;
- Solstar Capital Inc.;
- Solstar Capital Fund;
MVMT Capital companies
- MVMT Capital Fund
- MVMT Capital Limited Partnership
- MVMT Capital Operating Trust
- General Partner MVMT Inc.
- MVMT Capital 1 Limited Partnership
Appointment of a receiver
The Superior Court concluded that the appointment of a receiver was justified because the AMF had reasonable grounds to believe that:
- false or misleading information had been disclosed to investors regarding the valuation of units of Solstar Capital Inc. and Solstar Capital Fund and regarding the history of an officer of Solstar Pharma Inc.;
- transactions were carried out on shares of Solstar Capital Fund and that new amounts were raised for the benefit of Solstar Pharma Inc. in spite of cease trade orders issued against Solstar Capital Fund;
- he use of funds raised for Solstar Pharma Inc. did not comply with what had been disclosed to investors;
- the handling of the conflicts of interest between Whitehaven companies and Solstar companies and MVMT Capital companies was not in the best interest of clients;
- MVMT Capital Fund’s business model was unlikely to sustain the $10 per unit redemption value in the long term. New capital raised by MVMT Capital Fund was being used to fund distributions rather than new loans.
LThe powers granted to the receiver are outlined in the the judgment rendered on September 12, 2024 
This link will open in a new window (in French only).
The receiver is empowered to:
- take possession of property belonging to the companies covered by the judgment
- continue or suspend the operations of the companies covered by the judgment
- investigate the operations and financial situation of the companies covered by the judgment and any related entity or person
To date, the receiver has reported to the Superior Court on its findings and recommendations and has made public on its website three progress reports on its work and six notices to investors.
Note that the role of the receiver is not to sanction any failures that may have been committed by Whitehaven, its representatives or the companies concerned, but to exercise its powers and report its findings and recommendations to the Superior Court.
Receiver’s contact information
The receiver's website also contains the notices to investors, reports and documents related to the judicial proceedings
FTI Consulting Canada
Receiver's website This link will open in a new window
Suspension of Whitehaven Securities Inc's registration in the exempt market and revocation of its officers' registration
Effective December 14, 2024, Whitehaven Securities Inc. is no longer authorized to act as an exempt market dealer. As a result, the firm may not:
- advise its clients on the exempt market securities they hold, even if the firm itself offered them those products; and
- offer exempt market securities to its clients
Investors who want to know if they can redeem their securities must contact the firm that issued the securities directly. Investors may also retain the services of another AMF-registered exempt market dealer for advice on the securities they hold.
Note that Whitehaven Securities Inc. is still registered with the AMF as a mutual fund dealer and that Whitehaven Asset Management Inc. is still registered as a portfolio manager and investment fund manager. They are therefore authorized to act in the categories for which they are registered with the AMF.
However, the former officers of the Whitehaven companies are no longer registered with the AMF, namely Athanasios (Tommy) Baltzis, Richard Bernard and Dimitri Kufedjian.
Whitehaven Securities Inc. and Whitehaven Asset Management Inc. have appointed Diane Gogan as the ultimate designated person and chief compliance officer. Ms. Gogan is registered as such with the AMF.
Whitehaven Asset Management Inc. has appointed a new person, Cosmas Papadopoulos, who will act as portfolio manager.
Issuers under receivership
Solstar Pharma Inc., Solstar Capital Inc., Solstar Capital Fund
In its fifth notice to investors dated April 9, 2025, the receiver informed investors that the value of Solstar companies is zero.
At the conclusion of the receivership, it is unlikely that holders of Solstar securities will be able to recover their investment. The receiver also recommended that Solstar Pharma Inc., Solstar Capital Inc. and Solstar Capital Fund file for bankruptcy.
MVMT Capital Fund
The value of MVMT Capital Fund units has been reviewed since receivership was instituted.
On February 11, 2026, the Superior Court issued an order that authorizes the receiver to:
- establish a simplified claims process; and
- make an interim distribution to investors
In the meantime, investors have received a notice indicating a deemed claim amount. The interim distribution is expected in 2026. Investors are not required to take any action for the moment. A notice detailing the claim and contestation process, if necessary, was sent to investors by the receiver.
Additional information is available on the receiver's website.
What is an issuer?
An issuer is a person or organization (such as a company or investment trust) that creates and issues securities, such as stocks, bonds and trust units, in order to obtain funding from investors.
When an issuer offers securities, it undertakes to investors to comply with certain disclosure and transparency obligations set out in the Act, so that investors are well-informed in making decisions.
The other issuers
In its fifth notice dated April 9, 2025, the receiver announced that it had ended its efforts to obtain a reliable appraisal of the value of Whitehaven Securities Inc.’s other related issuers considering that:
- Whitehaven Securities Inc. is no longer registered as an exempt market dealer. Consequently, it can no longer offer or sell the securities of these issuers
- significant costs are involved in obtaining this appraisal
Concurrently, the receiver contacted all the issuers whose products were distributed by Whitehaven in order to gather information about their activities. Obtaining this information would give investors more clarity regarding the situation of each issuer.
A summary of the responses received is available on the receiver's website. For each issuer, the summary specifies, in particular, whether:
- an answer was provided by the issuer in response to the request for information
- the issuer is subject to insolvency proceedings, such as bankruptcy or a creditors’ arrangement
- the issuer is still in operation
- the issuer is able to redeem or repay the securities it issued
- the issuer produced its audited financial statements for 2024
- the issuer is subject to a cease trade order
Issuers subject to a cease trade order
A cease trade order (CTO) is a decision issued by a regulatory authority, such as the AMF, or by a court. It prohibits a company from buying, selling or issuing its securities due to identified failures to comply with the Act.
A CTO may be imposed for several reasons. A CTO may be due, for example, to a failure to comply with the company’s continuous disclosure requirements, such as filing its audited financial statements, or the findings of an investigation or inspection that warrant action on the part of the AMF or a court.
While the order is in effect, the company's securities cannot be bought, sold or transferred (generally excluding the maturity repayment of debt securities), unless authorized by a court. If the issuer does not take any steps to remedy the situation, the order remains in effect. Therefore, investors cannot trade the securities concerned as long as the CTO is in effect.
As of June 1, 2026, the issuers whose securities were offered by Whitehaven Securities Inc. and are subject to an active CTO are as follows:
| Issuer | CTO effective date | Decision and reasons |
|---|---|---|
| Hopitel Income Trust I | 2022-10-18 | 2022-FS-1060162 – Failure to file or provide audited financial statements since the fiscal year ended December 31, 2019. |
| Hopitel Income Trust II | 2022-01-12 | 2022-FS-0011 – Failure to file or provide audited financial statements since the fiscal year ended December 31, 2019. |
| BluCap Real Estate Fund | 2022-01-12 | 2022-FS-0007 – Failure to file or provide audited financial statements since the fiscal year ended December 31, 2018. |
| Eggspress Income Trust | 2024-05-24 | 2024-IC-1035072 – Failure to file or provide audited financial statements since the fiscal year ended December 31, 2023. |
| NewOak Finance Fund I | 2025-05-26 | 2025-IC-1036143 – Failure to file or provide audited financial statements since the fiscal year ended December 31, 2024. |
| NewOak Finance Equity Fund I | 2025-05-26 | 2025-IC-1036170 – Failure to file or provide audited financial statements since the fiscal year ended December 31, 2024. |
| Triumph Real Estate Investment Fund | 2025-09-19 | 2025-IC-1058393 – Failure to file or provide audited financial statements since the fiscal year ended December 31, 2023. |
| Triumph Real Estate Investment Fund II | 2025-09-19 | 2025-IC-1058421 – Failure to file or provide audited financial statements since the fiscal year ended December 31, 2024. |
| Solstar Capital inc. | 2023-07-06 | 22023-FS-1039767 – Failure to file or provide audited financial statements since the fiscal year ended December 31, 2022. |
| Solstar Capital Fund | 2023-05-26 | 2023-FS-1033591 – Failure to file or provide audited financial statements since the fiscal year ended December 31, 2022. |
| MVMT Capital Fund | 2024-09-12 | Order to appoint a receiver dated September 12, 2024. |
| BWS Capital Fund | 2026-05-20 | 2026-IC-1036827 - Failure to file or provide audited financial statements since the fiscal year ended December 31, 2025. |
Up-to-date information about each issuer can be found on the SEDAR+ website This link will open in a new window.
In the course of its work, the receiver states it has observed that:
- many investors seem to lack understanding and knowledge of the products distributed on the exempt market, how this type of exempt investment works and the risks associated with it
- based on information received from certain investors, these investors do not appear to have a risk profile associated with an investment in the exempt market
Investors who believe they have suffered harm in connection with the services provided by their representative and/or Whitehaven Securities Inc. are advised to consult a lawyer to assess the recourses available to them. As time limits apply for taking such action, we suggest that you consult a lawyer promptly.
Furthermore, investors who, whether as creditors, unit holders or shareholders, have difficulty redeeming their securities or do not receive a response from an issuer are asked to consult a lawyer to assess the available remedies.
The AMF can assist you
If you are dissatisfied or are involved in a dispute with a representative or dealer, the AMF can assist you with making a complaint.
The AMF also provides assistance to consumers, particularly those who are victims of fraud, fraudulent tactics or embezzlement, to help them file a claim with the Fonds d’indemnisation des services financiers (financial services compensation fund), when the criteria are met.
End of the Information
| Date | News release or decision | Type |
|---|---|---|
| March 14, 2022 | Penalty and order against Richard Bernard (in French only) | News release |
| July 24, 2024 | Penalties against Whitehaven Securities Inc., Athanasios Baltzis and Richard Bernard (in French only) | News release |
| September 12, 2024 | Superior Court judgment authorizing the appointment of a receiver (pdf - 5 MB)This link will open in a new windowUpdated on September 12, 2024 (in French only) | Application to appoint a receiver |
| October 2, 2024 | Whitehaven – AMF obtains the appointment of a receiver (in French only) | News release |
| July 23, 2025 | Superior Court judgment authorizing the receiver to exercise additional powers This link will open in a new window (in French only) | Application to modify the powers granted on September 12, 2024s |
| February 11, 2026 | Superior Court judgment authorizing the setting up of a claims process and an interim distribution for MVMT Capital companies (pdf - 9 MB)This link will open in a new windowUpdated on February 11, 2026 (in French only) | Application to modify the powers granted on September 12, 2024, to approve a claims process and make an interim distributio |
| February 13, 2026 | ANotice to investors aggrieved in the Whitehaven matter – The Superior Court authorizes a claims process (in French only) | News release |
What are exempt market securities and who are they for?
Exempt market securities are typically more risky investments that are not available to the general public on traditional stock exchanges. These securities are offered under exemptions from the requirement to file a prospectus.
Exempt market securities are for seasoned investors who have a higher risk tolerance and generally have a long-term investment horizon. Note that:
- It is possible to lose all the invested capital.
- The information available about the issuer is often more limited.
- There is generally no secondary organized market for these securities, unlike the markets that exist for equities or mutual funds. Consequently:
- Securities may be difficult, or impossible, to resell.
- The valuation of the securities is difficult to determine.
Exempt market securities are generally for investors who:
- meet the legal criteria, for example by having accredited investor or eligible investor status
- already have very good investing experience and are well informed
- are in a financial position where they can afford to lose the amounts invested without putting their patrimony or future projects at risk
- understand the risks associated with investments that are less regulated and less liquid
- are able to invest over the long term without needing to recover their money quickly
Find out more
For more information about exempt market securities, visit our webpage Prospectus exemptions: what you need to know.
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