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by Mike Caswell

The Canadian Investment Regulatory Organization has begun proceedings against David Graham Lillie, a former employee of IPC Investment Corp., over undisclosed dealings with clients. According to CIRO, Mr. Lillie put an elderly couple into a private real estate company that he ran. The clients, who borrowed money to invest in Mr. Lillie's venture, lost their entire investment, CIRO says.

The allegations are contained in a notice of hearing that CIRO released on Thursday, Oct. 22. The sole respondent is Mr. Lillie, who had been employed at IPC since 2014. He worked from a branch in Sault Ste. Marie, Ont.

The events at issue, as set out by CIRO, go back to April, 2022, when Mr. Lillie became the president and director of an entity called Puddingstone Property Management Corp., which held itself out as being in the commercial real estate business. According to CIRO, Mr. Lillie identified commercial properties for purchase, the idea being to collect rental income.

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