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by Mike Caswell

The Canadian Investment Regulatory Organization has scheduled a hearing for Louis Josh Lieff, a former Quadrus Investment Services Inc. employee accused of participating in a used car loan scheme that inflicted $9.8-million in losses on investors. CIRO claims that Mr. Lieff placed 50 investors into the scheme, which involved purchasing discounted vehicles from car rental companies. For his efforts, Mr. Lieff received commissions of $670,468, according to CIRO.

The allegations are contained in a notice of hearing that CIRO released on Wednesday, March 19. The sole respondent is Mr. Lieff, who CIRO cites for a car loan scheme that came about in October, 2020. According to the notice, Mr. Lieff was introduced to a person named Mark Cohen (only identified by CIRO as "MC") who claimed he could acquire used vehicles at a discount for resale. CIRO says that Mr. Cohen was seeking short-term loans to buy the vehicles, which he would repay with a promised rate of return upon completing sales.

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