April 6, 2013
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:
July 2, 2020
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 ?
March 15, 2019
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.
July 2, 2020
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.