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by Mike Caswell

The Ontario Securities Commission has begun proceedings against fund manager Emerge Canada Inc., accusing it of improperly borrowing $5.9-million from the funds it ran. According to the OSC, Emerge used the money to support struggling businesses connected to its operation. The actions of Emerge and its executives amounted to an undisclosed conflict of interest, according to the OSC.

The allegations are contained in a notice of hearing and application that the OSC released on Monday, March 10. In addition to Emerge, the notice names several individuals, including Emerge's sole shareholder and chief executive officer, Lisa Langley. Also named is the firm's chief financial officer, Desmond Alvares.

The case, as set out by the OSC, arises from Emerge's management of a group of exchange-traded funds and mutual funds. The funds, which Emerge launched in June, 2019, offered portfolios with a focus on environmental, social and governance strategies, better known as ESG. They also included exposure to women-led operations.

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