The Globe and Mail reports in its Friday edition that Echelon Wealth Partners has placed a $30-million lien on the assets of hedge fund manager Traynor Ridge Capital, its deceased owner Christopher Callahan and his companies and funds. The Globe's David Milstead writes that the Ontario Securities Commission placed Traynor Ridge, which has $95-million in assets under management, under a cease trade order. The OSC disclosed that Mr. Callahan had died and that Traynor appeared to be in "serious financial difficulty," according to the order. The OSC said that during the week of Oct. 23, three unnamed "introducing" firms executed trades for Traynor Ridge, but when they turned to their own unidentified "carrying" brokers to collect payment, the carrying broker could not recoup the costs of the trades. As a result, the three dealers have potential losses amounting to between $85-million and $95-million. The lien, Echelon's David Cusson said in a statement to The Globe, "was registered to cover the original value of the trades, not the losses incurred. The total value of the losses is currently unknown because it is unclear how much is recoverable from Traynor, but the estimated losses are significantly lower than the lien."