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by Mike Caswell

The Canadian Investment Regulatory Organization has found former Scotia Capital Inc. employee Andrew Lougheed liable for violations stemming from $752,500 (U.S.) in off-book investments. CIRO said that Mr. Lougheed put clients and others into a company that manufactured decocainized coca leaf derivatives. He received $55,850 (U.S.) in stock and cash for his efforts, according to CIRO.

The findings against Mr. Lougheed are contained in a decision that CIRO released on Tuesday, June 24. The regulator has found that he facilitated off-book investments without the knowledge or approval of his employer and that he engaged in outside business activity in connection with facilitating off-book investments. CIRO has not yet imposed any penalties on Mr. Lougheed, with the regulator to decide those at a later date.

The case arose from investments in a company called Power Leaves Corp. that Mr. Lougheed facilitated between December, 2021, and February, 2023. (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.") According to CIRO, Mr. Lougheed pitched the company to clients and others, describing his "belief in the business" and organizing an investor presentation.

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