Thank you, Mr. Chair.
Your testimony is incredibly compelling. It refers to fraud, illegal practices, misrepresentation, misleading sales practices, financial abuses, and immunity from prosecution. Essentially you paint a portrait in this particular case of a financial services sector that's the wild west. There doesn't seem to be any oversight or any protection for the Canadian public.
I have a series of questions, and I'd like to start with Ms. Urquhart.
You referred to the margin calls around the ABCPs. Essentially, new money was needed to be put in to keep the situation afloat. It sounds very similar to a pyramid scheme. Would that be an accurate assessment of how this situation developed?
Second, this offer from Canaccord came about the day before they knew you were all coming here to testify before the finance committee. Do you think there was a very clear connection?