• by Steve McClellan  @mp_mcclellan, August 9, 2016

Miles Nadal, who was forced to resign from his CEO perch atop MDC Partners last year after he claimed millions in inappropriate business expenses, has joined forces with Toronto-based Echelon Wealth Partners. Nadal and his investment firm, Peerage Capital Canada, have put up $27 million in financing as part of the arrangement.

Echelon Wealth Partners bills itself as an “independent wealth management and capital markets firm with a client-centered approach and partnership culture.” The company claims to have more than $4 billion of assets under administration and management.

"We are delighted to have Peerage Capital and Miles Nadal as financial partners. They have a demonstrated track record of identifying long-term opportunities and partnering with entrepreneurial management teams to build businesses with cultures that attract and retain top calibre talent," stated David Cusson, Echelon's CEO.

Nadal’s expense claims triggered an SEC investigation into MDC’s accounting and trading practices in October of 2014 that is still dogging the ad/marketing holding company today. As part of his termination agreement, Nadal agreed to pay back more than $20 million in expense claims and bonuses. 

But he still has millions to spare, having offloaded more than $100 million in MDC shares last fall. And in 2014, he sold 3.5 million shares of MDC shares to BMO Capital Markets for $81 million.

MDC continues to struggle. Its shares toppled 30% on July 29 after the company issued second-quarter results that missed analysts’ expectations and disappointed investors.