KPMG appointed receiver for New Life Capital

KPMG was appointed receiver and manager of all of the property of New Life Capital Corp. and its related entities by the Superior Court of Justice this week.

The court approved the Ontario Securities Commission’s application to order the appointment on Wednesday. New Life, a Toronto-based group of companies that provides niche services in the life settlements industry, did not oppose the application, according to the OSC.

The OSC applied for the order in mid-November in the view that it would be in the best interests of security holders or subscribers of the company.

The application followed a temporary cease trade order in August against New Life, as well as its principals L. Jeffrey Pogachar, Paola Lombardi and Alan S. Price, after allegations that the company and its officers engaged in fraud against investors.

The OSC also imposed a direction freezing New Life’s bank accounts in August.