Pace Securities | Page 35 | General financial discussion | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
Pace Securities
September 18, 2021
7:04 pm
Norman1
Member
Members
Forum Posts: 4337
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline
681sp_Permalink sp_Print

Investor1 said
The IIROC hearing finally happened after multiple delays.

This is probably why PACE finally decided to settle before this hearing.

Here is a link to one of the stories covering the matter: https://www.investmentexecutive.com/news/from-the-regulators/pace-securities-ceo-faces-temporary-ban-after-iiroc-settlement/

The IIROC notice:

IN THE MATTER OF Joseph Anthony Thomson – Settlement Accepted

September 19, 2021
8:45 am
i_got_smucked_too
Member
Members
Forum Posts: 31
Member Since:
July 2, 2020
sp_UserOfflineSmall Offline
682sp_Permalink sp_Print

Very cool. Thomson gets 2 minutes in the penalty box. Gotta love it. He'll be eligible to be back on the street pushing some new product in August 2022.

I read the 15 page settlement agreement @ IIROC and note the following omissions:

  • no mention of Gerald McRae. Does McRae walk away ? or is he on the hot seat next ?
  • no mention of Harry Mahesh, Tajie Varicat, or other scam advisors.
  • no mention of all the falsified Account & Know Your Client documents.
  • no mention of IIROC & FSRA becoming aware of this scam in July 2018, yet these regulators watched while millions continued to be invested in 2018 & 2019. Thanks for the delay. Not!
  • no mention of the $1 million Thomson siphoned off to invest in FHH Capital 2. No accounting for this money. No nothing. Here's a C&P of the original IIROC allegation on this issue:

Investing FHHI funds in his own company

    60. On November 27, 2018, Thomson caused FHHI to purchase 100,000 shares of First Hamilton Capital 2 LP (“FH Cap 2LP”) at $10 each for a total investment of $1 million. Thomson was the sole director and officer of the corporation he established to be the general partner for FH Cap 2LP and was therefore its directing mind. PSC was the Manager of FH Cap 2LP and was entitled to a monthly management fee.

    61. When Thomson caused FHHI to invest $1 million in FH Cap 2LP he was in a conflict of interest that he failed to identify or address.

So white collar crime pays. A $100,000 fine for Thomson. My fine was more. Far more than $100,000. I'm in the wrong line of work.

Thomson should start a "how to" school on screwing over IIROC, OSC, and John/Jane Doe public. Where do I sign up Joe ?

September 19, 2021
10:11 am
COIN
Member
Members
Forum Posts: 281
Member Since:
March 15, 2019
sp_UserOfflineSmall Offline
683sp_Permalink sp_Print

i_got_smucked_too said
Thomson should start a "how to" school on screwing over IIROC, OSC, and   

The OSC is actually dangerous in one respect. Their reckless action over some less than perfect paperwork at Home Trust caused "a run on the bank" and almost sank Home Trust. Sorry to digress a bit. Back to Pace.

September 25, 2021
7:13 am
i_got_smucked_too
Member
Members
Forum Posts: 31
Member Since:
July 2, 2020
sp_UserOfflineSmall Offline
684sp_Permalink sp_Print

Didn't take long for the answer on Gerald McRae to come in. Click here.

Thomson gets 2 minutes in the penalty box & the Chief (non) Compliance Officer at PACE Securities, Gerald McRae, walks. No fines. No falling on your sword. No nothing. Just update your resume Mr McRae and you can move on. Gotta love it.

IIROC's decision was based upon a reassessment of the case.

That is some "back room deal" IIROC cut him.

Please write your comments in the forum.