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Pace Securities
October 18, 2020
1:45 pm
Elaine
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It must be really hard on the seniors who don't have e-mail. They won't know.
Probably for the best.

October 27, 2020
1:16 pm
member
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We’ll see what happens this week with PCU.

Has anyone heard of the IIROC hearing went as scheduled or was it delayed again?

In the meantime, here’s some history for those who may not have been aware.

https://m.youtube.com/watch?v=UAfrrLr-NAM

November 3, 2020
7:57 pm
Dave_1
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Dear George Cooke / Barbara Dirks

Pull out your coloring books and color me "MAD as HELL"

    Oct 15th - no settlement package / no nothing
    Oct 30th - no settlement package / no nothing
    Nov 3rd - no settlement package / no nothing

What are all these lawyers at Fasken & Gardiner Roberts doing for you ?

Yeah, these guys -

    GARDINER ROBERTS LLP
    Bay Adelaide Centre - East Tower
    22 Adelaide St W, Ste. 3600
    Toronto, ON M5H 4E3
    John A Campion
    Tel: 416.865.xxxx
    Email: jcampion@xxxxx.com
    Lawyers for Pace Savings & Credit Union Ltd.

What are their goals ? Screw me and all the other PSC clients over ?

Suggestion for you:

  1. fire the lawyers & do the right thing. Take care of your clients !
  2. allow me to pick Option "A" (if you need a refresher on my Option "A",re-read my Post #437 - click here)

Otherwise, I'm tired of eating Kraft Dinner. Time is running out. Me & my money, you can color us GONE !

November 9, 2020
2:21 pm
Dave_1
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PACE update #10.....found here or check your e-mail or spam folder

Still rather sad:
- no nothing
- just suck it up and wait
- any questions ? don't call us, call PRRR

November 21, 2020
7:52 am
Dave_1
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Well, the $hit hit the fan again today (or Friday night). In James Bradshaw's twitter feed

it's being reported key PACE execs have resigned and FSRA has taken control of PACE again.

Where are the PACE insiders ? Curious minds want to know what really went on. Who was advocating for the harmed investors and who wasn't ?

Why do I feel I'm being flushed down the toilet again.

November 21, 2020
7:59 am
Elaine
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It is interesting.
I am sure after the rats jumped there will a full blown withdrawal of funds .They must have seen something that they were not expecting.I wonder where all the bodies are?(metamorphically speaking of course)

November 21, 2020
8:28 am
Norman1
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I think it is just disagreement over how to address the issues found and not over the issues found themselves.

This is from FSRA's November 20 press release FSRA Resumes Oversight of PACE Credit Union’s Day-to-Day Operations:

“The Board of PACE inherited problems created by the former PACE leaders, and worked hard to identify and resolve them – and I would like to thank the Board members for their leadership during this difficult time” said Mark White, FSRA’s CEO.

“FSRA recently completed an investigation into misconduct related to the sale by PACE, from July 2017 to June 2019, of preferred shares to PACE members,” said Mark White. “FSRA determined, and PACE concurred, that such sales breached the CUCPA, the legislation governing PACE. While it is with regret that I accept their resignations, as we all wanted the best for PACE’s members and depositors, there was not consensus on how to best address those breaches.”

“PACE continues to have ample liquidity and capital above requirements, making it financially viable,” said Mr. White. …

Globe & Mail (2020/11/20): After plans to stabilize unravelled, Ontario’s financial regulator has once again taken over PACE… (behind their paywall) quotes from the FSRA press release.

November 21, 2020
10:31 am
Dave_1
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Don't ya just luv "the spin" the public relationship department put on that FSRA Press Release.

“.....as we all wanted the best for PACE’s members and depositors, there was not consensus on how to best address those breaches.”

and then what is more likely.... (purely speculative on my part)

George Cooke and Barbara Dirks had a plan. FSRA didn't like it. FSRA took out their big honking baseball bat and demanded >>> do it my way or else. And the PACE execs walked.

How close is this to reality ? I doubt we'll ever know. Where's that "fly on the wall" ? We want to hear from you.

November 22, 2020
4:53 pm
Bud
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my first thought was it good news ceo board gone they will merge it with another cu while looking after investors in the process

November 22, 2020
5:08 pm
Elaine
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That would be a lovely Christmas present

November 29, 2020
7:51 am
Dave_1
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In Post #449, Shelley Mackie said
the lawyers met with the Judge to much sure everything was getting exchanged documents and everyone was moving forward with everything. So Oct 22nd is to make sure that there is enough time slotted to go to court. Feb 1st, 2021 is the start of the Court proceedings for two weeks. .....

Looks like you nailed it, Shelley.... Feb 1st it is.

IIROC made this public last week. From IIROC's web site (here's a link to their web site):

  • IIROC to Hold Disciplinary Hearings for Joseph Anthony Thomson and Douglas Gerald McRae
  • Hearing Date: The hearing will commence February 1, 2021 at 10:00 a.m.
  • Location: Aitchison & Denman, 155 University Avenue, 8th Floor, Toronto, Ontario

The lawyers are going to make a ton of money !

November 29, 2020
8:28 pm
maxb
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After all said and done, I hope the investors get more than pennies on the dollar... Lawyers on both sides making millions.

December 7, 2020
10:02 pm
Investor1
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Dave_1 said

In Post #449, Shelley Mackie said
the lawyers met with the Judge to much sure everything was getting exchanged documents and everyone was moving forward with everything. So Oct 22nd is to make sure that there is enough time slotted to go to court. Feb 1st, 2021 is the start of the Court proceedings for two weeks. .....

Looks like you nailed it, Shelley.... Feb 1st it is.

IIROC made this public last week. From IIROC's web site (here's a link to their web site):

  • IIROC to Hold Disciplinary Hearings for Joseph Anthony Thomson and Douglas Gerald McRae
  • Hearing Date: The hearing will commence February 1, 2021 at 10:00 a.m.
  • Location: Aitchison & Denman, 155 University Avenue, 8th Floor, Toronto, Ontario

The lawyers are going to make a ton of money !  

Hello everyone, I believe this IIROC disciplinary hearing is separate from the court case.

This is an industry hearing which will investigate the misconduct these two and PSC engaged in. It can impose its own industry sanctions which would be separate from the court case.

While this industry hearing cannot “order” PACE or PSC to make members whole, its “findings” could have an impact on matters and would serve as a “triggering” event for PSCs liability insurance.

The findings from this IIROC hearing could also have a potential bearing on the court case. In addition to the plaintiffs allegations, there is an independent third party/ industry regulator providing their input.

FSRA and PACE Credit Union are already in agreement that PSC violated the rules, so hopefully they will be able to move things along as Barbara and Co. didn’t appear to be interested.

Hopefully we’ll hear good news soon.

December 15, 2020
9:00 am
Dave_1
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December 15, 2020
9:59 am
Elaine
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December 15, 2020
2:07 pm
Norman1
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FSRA is still there. PACE Credit Union has been under their administration since September 2018 and continues to be.

The new CEO David Finnie will look after the day-to-day operations of PACE just like the previous CEO did. Maybe later, he will also help out on the inherited issues as the previous CEO did.

December 19, 2020
7:56 am
Dave_1
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You might have missed it. PACE CU's December newsletter. You didn't miss much.

If you remember, our previous CEO, Barbara Dirks, indicated future PACE Securities' updates would be in this newsletter. Well Barbara has moved on and it appears the PACE Securities' updates have moved on too. I suppose I shouldn't be surprised.

No nothing about PSC in the December newsletter. You can read the "no nothing" here.

December 23, 2020
7:05 am
i_got_smucked_too
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If you still have an "open" account with Laurentian Bank Securities (LBS) or PSC, be aware, Ernst & Young has sent out a letter indicating you will be transitioned to LBS, unless you take action.

Timing & details are here:

https://documentcentre.ey.com/api/Document/download?docId=32689&language=EN

December 26, 2020
3:00 pm
Dave_1
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I guess this is progress. Mediation.

    - PACE Press Release is here.

The liquidator for FHH, MNP Debt, has publicly posted the Motion Records @ mnpdebt.ca

    - Investor Claims Mediation Motion Record for First Hamilton Holdings
    - Investor Claims Mediation Motion Record for Pace Securities Corporation

Other than the company names, the Motion Records appear identical.

Among the 99 pages, I found the

    - mediator (page 14). Google him
    - statistical tables (page 26)
    - additional stories from individuals harmed (page 29)
    - S Young's story (starting page 63)

enlightening.

Step up PACE. Do you need a reminder? Make me whole & I'll stick around indefinitely. Screw me over & you can color me & my money, GONE !

December 27, 2020
6:50 pm
member
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Dave_1 said
I guess this is progress. Mediation.

    - PACE Press Release is here.

The liquidator for FHH, MNP Debt, has publicly posted the Motion Records @ mnpdebt.ca

    - Investor Claims Mediation Motion Record for First Hamilton Holdings
    - Investor Claims Mediation Motion Record for Pace Securities Corporation

Other than the company names, the Motion Records appear identical.

Among the 99 pages, I found the

    - mediator (page 14). Google him
    - statistical tables (page 26)
    - additional stories from individuals harmed (page 29)
    - S Young's story (starting page 63)

enlightening.

Step up PACE. Do you need a reminder? Make me whole & I'll stick around indefinitely. Screw me over & you can color me & my money, GONE !  

I couldn’t have said it any better. Hopefully this new PACE CEO will want to make this right!

Make us whole!

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