Crystal Wealth Group

CRYSTAL WEALTH MANAGEMENT SYSTEM LIMITED (the "Company"), CLAYTON SMITH, CLJ EVEREST LTD., 1150752 ONTARIO LIMITED, CRYSTAL WEALTH MEDIA STRATEGY, CRYSTAL WEALTH MORTGAGE STRATEGY, CRYSTAL ENLIGHTENED RESOURCE & PRECIOUS METALS FUND, CRYSTAL WEALTH MEDICAL STRATEGY, CRYSTAL WEALTH ENLIGHTENED FACTORING STRATEGY, ACM GROWTH FUND, ACM INCOME FUND, CRYSTAL WEALTH HIGH YIELD MORTGAGE STRATEGY, CRYSTAL ENLIGHTENED BULLION FUND, ABSOLUTE SUSTAINABLE DIVIDEND FUND, ABSOLUTE SUSTAINABLE PROPERTY FUND, CRYSTAL WEALTH ENLIGHTENED HEDGE FUND, CRYSTAL WEALTH INFRASTRUCTURE STRATEGY, CRYSTAL WEALTH CONSCIOUS CAPITAL STRATEGY, CRYSTAL WEALTH RETIREMENT ONE FUND, (collectively, the "Crystal Wealth Group") and CHRYSALIS YOGA INC.


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Important information for Investors:


Pursuant to an Order of the Ontario Superior Court of Justice (Commercial List) issued on April 26, 2017 (the “Appointment Order”), upon application by the Ontario Securities Commission pursuant to s. 129 of the of the Securities Act, R.S.O. 1990, c S.5, Grant Thornton Limited became the receiver and manager of all of the assets, undertakings and properties of the Company.


Pursuant to the Appointment Order, Grant Thornton Limited also became the receiver of all of the assets, undertakings, and properties of 15 proprietary open-ended mutual fund trusts created and managed by the Company, and of the assets, undertakings, and properties of certain additional persons and entities.


UPDATE – RECEIVER’S SECOND REPORT TO COURT


On November 24, 2017, the Receiver filed and served its Second Report to Court dated November 24, 2017 (the “Second Report”).  The relief sought includes, among other things: (i) approval of the Receiver’s methodology and proposal to make an interim distribution of approximately $30 million to the investors of certain Crystal Wealth Funds; (ii) approving the Receiver’s treatment of the amended proof of claim filed by BDO Canada LLP; (iii) directing certain parties to provide information requested by the Receiver;  (iv) authorizing the Receiver to examine certain individuals under oath, and (v) certain administrative relief in respect of the Receiver’s actions and fees.


The Receiver’s investigation of the Crystal Wealth Group’s affairs has identified serious concerns around the conduct of certain parties associated with the Crystal Wealth Funds and the underlying investments therein.  ACCORDINGLY, The Receiver strongly encourages that investors read the Second Report in its entirety as it provides important details of the work performed by the Receiver that led to its conclusions and concerns.


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