The Globe and Mail reports in its Saturday edition that the Ontario Securities Commission has received court approval to appoint a receiver to take control of Traynor Ridge Capital and its funds after arguing there is an "urgent" need to minimize risks to investors and multiple investment firms. The Globe's David Milstead writes that the move follows the OSC's decision to place Traynor Ridge, which has $95-million in assets under management, under a cease trade order after the sudden death of its founder, owner and chief executive officer, Christopher Callahan. Three investment dealers executed trades for Traynor Ridge, then could not collect payment for the securities. The OSC estimated that the dealers have potential losses totalling between $85-million and $95-million. Two have now emerged publicly: Virtu Canada sued Traynor Ridge, estimating it has losses of at least $5-million. And Echelon Wealth Partners placed a $30-million lien on the assets of Traynor Ridge, its funds and Mr. Callahan. Echelon CEO David Cusson told The Globe that the lien covers the original value of the trades, not the losses incurred. In its application, the OSC said Mr. Callahan was Traynor's sole director, officer and shareholder.