PACE Securities Corporation was a wholly owned subsidiary of the Pace Savings and Credit Union (PCU).  It is not regulated by FSRA.  It was an investment dealer and investment fund manager registered with the Ontario Securities Commission (OSC) and was a member of the Investment Industry Regulatory Organization of Canada (IIROC).  Its registration with the OSC and its membership with IIROC have been suspended.

Legal Proceedings

May 14, 2020  
The Ontario Superior Court of Justice issued a Court Order authorizing the wind-up of PACE Securities Corp (PSC), PACE Financial Limited (PFL), PACE Insurance Brokers Limited (PIB) and PACE General Partner Limited (PGPL).

May 21, 2020
The Ontario Superior Court of Justice issued a Court Order authorizing the wind-up of First Hamilton Holdings Inc., First Hamilton Financial Services Inc., First Hamilton Capital Inc., First Hamilton General Partner 2 Inc., and First Hamilton Mortgage Brokers Inc.

May 21, 2020
A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) suspended the membership rights and privileges of PACE Securities Corp. effective May 21, 2020.
https://www.iiroc.ca/Documents/2020/8032251a-57b2-4c1d-a615-cb52bd21cb94_en.pdf#search=pace%20securities;

June 5, 2020
The OSC issued a Decision that the registration of PSC be suspended effective June 5, 2020.
https://www.osc.gov.on.ca/documents/en/Securities/ord_20200605_pace.pdf;

August 6, 2020
The Ontario Superior Court of Justice appointed Paliare Roland Rosenberg Rothstein LLP as representative counsel for the investors in the preferred shares and/or warrants of PACE Financial Limited and First Hamilton Holdings Inc.
https://www.paliareroland.com/pace-securities-litigation

November 19, 2020
IIROC issued a notice of disciplinary hearing in respect of Joseph Anthony Thomson and Douglas Gerald McRae, of PACE Securities Corp. The hearing is scheduled to take place on February 1, 2021. https://www.iiroc.ca/Documents/2020/73e3da3e-eb0b-42a8-8024-3d2bf45dfe50_en.pdf#search=pace%20securities

For more information:

Ernst & Young was appointed the court-appointed Liquidator responsible for the active closing of Pace Securities Corp. E&Y has established the following website for PACE Securities clients:  www.ey.com/ca/pacesecurities.  Inquiries may be directed to pace.securities@ca.ey.com.

MNP Ltd is the court appointed liquidator of the various First Hamilton Holdings entities.  More information is available at https://mnpdebt.ca/en/corporate/corporate-engagements/first-hamilton-holdings-inc-et-al.

Paliare Roland Rosenberg Rothstein LLP is the court appointed representative counsel for investors in the preferred shares and/or warrants of PACE Financial Limited and First Hamilton Holdings and is empowered to represent their interests in the relevant court proceedings, including investigating, identifying, advancing and resolving their claims.  Investors may contact Paliare Roland Rosenberg Rothstein LLP about their claims. https://www.paliareroland.com/pace-securities-litigation.

Questions or complaints about PACE Credit Union or its employees can be directed to FSRA by completing this form or call toll-free at 1‑800‑668‑0128.