The Globe and Mail reports in its Wednesday edition that regulators have issued a trading halt on Traynor Ridge Capital Inc., a fund manager that appears to be facing serious financial difficulties after three failed trading orders and the death of its founder. A triple-bylined item led by Clare O'Hara says that on Monday, the Ontario Securities Commission issued a cease trade order (CTO) on Traynor Ridge Capital's registration as a portfolio manager and investment fund manager, as well a halt on trading in any securities by the firm and in the securities of its fund family known as TR1 Funds. In a release, the OSC says it is investigating the financial condition of the firm and the events surrounding a series of failed trades that have "potential losses" between $85-million and $95-million. "It appears to the Commission that Traynor is in serious financial difficulty and may be capital deficient," the OSC says. The temporary CTO follows the sudden death of Traynor's sole director, officer and shareholder, Chris Callahan, which was reported Saturday to the OSC by his former lawyer. Traynor is now without an ultimate designated person and chief compliance officer, and without a director or officer in charge.