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Octagon facing shortfall in bankruptcy of as much as $6.1-million Add to ...

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Octagon Capital Corp. has been declared bankrupt, its chief financial officer has been fired and the brokerage is facing a shortfall of as much as $6.1-million.

The Canadian Investor Protection Fund (CIPF) paid out millions of dollars to investors after the small Toronto-based investment firm was unable to meet obligations to clients when it entered bankruptcy proceedings earlier this month. The Investment Industry Regulatory Organization of Canada (IIROC) discovered the deficiency in late November after a routine audit, according to court documents filed by Octagon’s bankruptcy trustee, Ernst and Young Inc. The reason for the shortfall is unknown and an investigation continues.

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