The province’s securities regulator says the Burnaby, B.C.-based fintech firm and two individuals defrauded more than 100 victims by misrepresenting itself as a profitable firm while fundraising a total of roughly $14.6 million and US$1 million over a little more than two years. (The Logic)

Talking point: The BCSC alleges that Elixir failed to disclose its true financial condition to investors. While raising the funds, it claimed it could pay interest and monthly dividends on most of its securities, despite facing severe financial distress. In the first half of 2020, before it raised the funds, the BCSC says Elixir had catastrophic trading losses and a negative $5.5 million in revenue. Elixir did not immediately respond to a request for comment. The BCSC said its allegations have not been proven. In 2024, the founder and former CEO of the company agreed to pay $40,000 and was banned from trading in the province’s investment market for a decade.