Donald Mercer Cormie

Donald Mercer Cormie (July 24, 1922 – February 20, 2010) was a Canadian lawyer, financier and founder of the Principal Group.

History Donald Cormie was in the Canadian Merchant Marine from 1943 to 1944 before receiving his LLM from Harvard Law School in 1946. Cormie co-founded the law firm Cormie Kennedy (1954-1987) in Edmonton, Alberta, and had a prestigious legal career. 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.

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.