130:. The main companies associated with the Principal Group were First Investors Corporation, Associated Investors of Canada and Principal Savings and Trust Corporation. The associated corporations within the Principal Group grew to more than $ 1 billion of assets. The corporations were closed by regulators in 1987 and subsequently liquidated. At the time of the closures, approximately 67,000 investors were at risk of losing an estimated $ 500 million in funds advanced to Principal Group entities. Various provincial governments, including the Government of Alberta, the main regulator, paid an estimated $ 140 million in compensation on the losses of investor-savers, based on deficiencies in regulatory oversight.
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Subsequent to the collapse of the
Principal Group, Donald Cormie relocated to Arizona, and was never able to start another business. The legal fees associated with the collapse are estimated to have cost him $ 10 million. Donald Cormie pleaded guilty under the
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146:, who ruled that Donald Cormie made improper payouts totalling half a million dollars to creditors who were family members or company employees, and ordered that the creditors give back the money.
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153:. At its peak in the 1980s, it was the largest multi-breed purebred cattle ranch in Canada and the largest private bull semen bank in the world, developing sought-after bulls in the
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ordered him to pay $ 4 million in back taxes on a $ 7.2 million loan he took from
Principal just before it collapsed. A further ruling was made by a judge of the
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Donald Cormie was also the founder of Cormie Ranch, a 22,000-acre (89 km) purebred cattle ranch near
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in 1946. With Jack W. Kennedy, Cormie co-founded the law firm Cormie
Kennedy (1954-1987) in
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to misleading investors and was fined half a million dollars. In addition, the
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87:(July 24, 1922 – February 20, 2010) was an American-born Canadian lawyer,
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Cormie was the president and founder of one of Canada's largest
271:"Principal Group founder hit hard by lost reputation, son says"
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breeds and earning $ 3.3 million from its prize bull, Signal.
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315:, Fifth House Publishers, 2003, as reprinted in
312:Boondoggles, Bonanzas, and Other Alberta Stories
307:"The Principal Group Collapse: The Man Who Knew"
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43:Donald Mercer Cormie, 1943-44 Merchant Marine
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361:"The Tainted Fortunes of Donald Cormie"
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107:from 1943 to 1944 before receiving his
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144:Court of Queen's Bench of Alberta
336:. Provincial Archives of Alberta
186:"Donald Mercer Cormie, Obituary"
269:Gelinas, Ben (April 11, 2010).
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359:Dolphin, Ric (October 1988).
243:Waldie, Paul (Nov 23, 2006).
105:United States Merchant Marine
421:American emigrants to Canada
126:, which became known as the
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211:Profile of Jack W. Kennedy
411:Harvard Law School alumni
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213:. Retrieved 2016-11-04.
373:(10): 32–37, 122–138.
334:Government of Alberta
103:Donald Cormie was a
85:Donald Mercer Cormie
31:Donald Mercer Cormie
188:. The Vancouver Sun
140:Tax Court of Canada
91:and founder of the
75:Scottsdale, Arizona
319:, January 6, 2004.
309:. Extracted from
249:The Globe and Mail
226:, Edmonton office.
207:Martindale-Hubbell
113:Harvard Law School
366:Canadian Business
281:on 3 October 2013
222:Successor firm:
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338:. Retrieved
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279:the original
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69:(2010-02-20)
401:2010 deaths
396:1922 births
159:Maine-Anjou
390:Categories
340:31 October
165:References
55:1922-07-24
379:0008-3100
155:Simmental
89:financier
285:25 July
254:25 July
192:25 July
99:History
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111:from
375:ISSN
342:2013
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157:and
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49:Born
109:LLM
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Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
