Pinetree Capital, CEO under trading investigation
Last Updated: Monday, December 4, 2006 | 11:15 AM ET
Pinetree Capital Ltd. called off a planned public stock offering and said Monday that it and its top executive were under investigation by Ontario securities regulators.
In a release, the company said it and chairman and CEO Sheldon Inwentash are the subjects of Ontario Securities Commission investigations involving manipulative trading in securities of Treat Systems Inc. and Brownstone Ventures Inc. and insider trading.
Pinetree and some of its principals are the controlling shareholders of Treat Systems and Brownstone.
"There have been no allegations and these investigations were not anticipated by either Mr. Inwentash or the company," Pinetree said in a release.
Pinetree is a Toronto-based diversified investment and merchant banking firm focused on the small cap market. Pinetree's investments are primarily in the resources sector.
Shares of the company were down more than 20 per cent at one point on Monday but later recovered to finish up 65 cents at $16.10 on the TSX.
