Regulator alleges Caldwell Investment broke rules and misled investigators

The enforcement branch of the Ontario Securities Commission is accusing Caldwell Investment Management of executing most of its clients’ trades through an affiliated company rather than making reasonable efforts to find the best alternative.

The OSC enforcement staff also allege the Toronto-based firm provided misleading statements to investigators looking into the matter and to an independent review committee established to oversee Caldwell’s activities.

The statement of allegations says the activities occurred between January 2013 and November 2016.

At that time, Caldwell managed nine investment funds and about 300 separately managed discretionary client accounts. Total assets under management by Caldwell Investment Management ranged from $250 million to $400 million over the relevant period.