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by Mike Caswell

The Canadian Investment Regulatory Organization has filed a case against former Scotia Capital Inc. employee Andrew Lougheed, claiming that he put clients and others into $752,500 (U.S.) in off-book investments. CIRO says that Mr. Lougheed pitched a company that manufactures decocainized coca leaf derivatives, putting clients into private placements. He received $55,850 (U.S.) in stock and cash for his efforts, according to CIRO.

The allegations are contained in a notice of hearing that CIRO released on Thursday, Jan. 23. The case arises from off-book investments that Mr. Lougheed facilitated between December, 2021, and February, 2023. According to CIRO, he put clients into a company called Power Leaves Corp. without the knowledge or permission of his employer. (Power Leaves, which is not listed, describes itself as "ushering in the age of coca" on its website, and says that it is "ready to break Coca-Cola's monopoly on this ingredient and unlock the power of the coca plant for the masses.")

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