Purpose Investments CEO Som Seif was photographed by the Fiancial Post in 2014. Seif said he and his company rejected a settlement offer from the OSC over "greenwashing" allegations. Photo by Peter J. Thompson / Financial Post

Canada’s largest securities regulator has accused fund manager Purpose Investments Inc. and its founder and chief executive Som Seif of “ greenwashing ” in communications with clients, allegations they plan to “vigorously contest.”

In an application for enforcement proceeding, the Ontario Securities Commission (OSC) alleged that Purpose and Seif communicated “misleading” or “untrue” information about consideration of environmental, social and governance (ESG) considerations by funds they manage between the fall of 2019 and March of 2023.

The regulator to

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