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by Mike Caswell

The Canadian Investment Regulatory Organization has begun proceedings against Henry Griffioen, a former employee of Quadrus Investment Services Ltd., for putting clients into an auto lending business that he had an interest in. According to CIRO, Mr. Griffioen's clients sold investments at Quadrus and purchased $1.16-million worth of promissory notes in the business. The clients ultimately lost their money, CIRO says.

The allegations are contained in a notice of hearing that CIRO released on Tuesday, June 4. The notice identifies Mr. Griffioen as a Quadrus employee working from London, Ont., who had been with the firm since 1996. Beginning in 2016, he became involved with a company called Advantagewon, which provided loans for car repairs and other auto-related expenses, the notice states. An acquaintance set up the company, and Mr. Griffioen invested $666,000, CIRO says.

The problem, as set out in the hearing notice, arose when Mr. Griffioen began recommending that his clients invest in Advantagewon. According to CIRO, he began telling clients in January, 2018, that he had an investment opportunity that was only open to friends and family. Money invested in the business could be returned at any time, and investors would receive an annual return of 15 per cent, payable monthly.

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