The Globe and Mail reports in its Saturday edition that unnamed sources say CIBC World Markets has
pulled out as an underwriter for a
$100-million blockchain-focused
venture capital fund led by Alex
Tapscott.
The Globe's Niall McGee and Alexander Posadkzi write CIBC's decision to withdraw
came after Forbes said four people
who had been named in marketing
materials as advisers to the fund
had not, in fact, agreed to that.
The fund, named NextBlock Global,
is aiming to go public on the TSX
Venture Exchange, and Mr. Tapscott
is the chief executive officer.
CIBC and Canaccord Genuity
Group were named co-underwriters
of the deal. An e-mail sent by
CIBC to investors on
Friday said the bank "has withdrawn
as an agent from the NextBlock Global Ltd. private
placement." Vinny Lingham,
CEO of U.S.-based blockchain startup
Civic, said Mr. Tapscott used his
name falsely as an adviser in materials
designed to market the
fund.
He said he confronted Mr. Tapscott
about the matter over an e-mail
recently and that Mr. Tapscott initially
denied using his name.
The Globe identifies several others people who were unaware their names and pictures were being used in NextBlock promotional material.
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