Caldwell-CIM admits to OSC - committed fraud over many yearsWhat is particularly egregious is that Caldwell was entrusted with money from clients and funds as a fiduciary; then overcharged and concealed the overcharging through misrepresentations over a number of years and after warnings from the OSC. Here's the statement from the OSC which paints a grim picture - it shows Caldwell as both incompetent and dishonest - and unqualified to handle other people's money:
https://www.osc.gov.on.ca/en/Proceedings_set_20190710_caldwell.htm Aside from incurring the cost of the proceeding, charges from the OSC and a substantial penalty (ironically, not only did minority Urbana shareholders get ripped-off by higher fees, they also get to pay (indirectly) a big chunk of the costs and penalty - my estimate $500k), Caldwell must adhere to the humiliating requirement that an outside 'consultant' oversee and report on its operations. This is the OSC saying 'Caldwell, we don't trust you'. Here's the details of the settlement agreement:
https://www.osc.gov.on.ca/en/Proceedings_rad_20190719_caldwell.htm As for Urbana, Caldwell is not only in a position of conflict of interest, but controls everything to do with Urbana - investments, trades, fees, accounting and administration - and has made it clear that Caldwell's interests are placed above those of the shareholders. Also, as can be seen by the inaction on this matter as well as others, the supposedly independent board is deeply in Caldwell's pocket.
BTW - don't bother looking for this info on the Urbana or Caldwell websites or in a news release, even though it is very material.