The Globe and Mail reports in its Wednesday edition that Ontario's securities watchdog has ruled that Toronto fund manager Emerge Canada Inc. and two executives, including founder Lisa Langley, had breached their responsibilities to investors when they improperly borrowed almost $6-million of investor money to cover operating expenses. The Globe's Clare O'Hara writes that on Tuesday, Ontario's Capital Markets Tribunal -- an independent division of the Ontario Securities Commission that handles adjudicative matters -- found that Emerge Canada, Ms. Langley and chief financial officer Desmond Alvares violated several securities regulations, including failing to act in the best interest of the funds, borrowing investor money and poor record keeping. However, the tribunal decision found that three members of Emerge's independent review committee (IRC) -- Marie Rounding, Monique Hutchins and Bruce Friesen -- did not fail in their duties to oversee conflicts of interest, saying they were not informed about what was happening with the loans. The OSC had accused Ms. Langley and Emerge of improperly borrowing millions from a group of exchange-traded funds named Emerge ARK, which is associated with U.S. investor Cathie Wood.