A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has suspended the membership of Edgecrest Edgecrest Capital Corporation, following a hearing held on Thursday.

The hearing panel also ordered the firm to immediately cease dealing with public.

According to an IIROC notice published on Wednesday, Edgecrest fell into a capital deficiency back in May, which it soon corrected. However, the firm became deficient once again in late August, and on Aug. 24, it informed IIROC that it would be unable to repair the shortfall. That same day, Edgecrest terminated all of its employees; the following day the firm told the regulator that it was winding up its business and it began the resignation process.