Calgary (Alberta), November 2, 2023 – On August 17 and September 28, 2023, a hearing panel of the Investment Dealer Division of the Canadian Investment Regulatory Organization (CIRO) accepted a settlement agreement, with sanctions, between Enforcement Staff and Zhiping (Davis) Dai.
Mr. Dai admitted that between April 2021 and February 2022, he engaged in personal financial dealings with two clients.
Pursuant to the settlement agreement, Mr. Dai agreed to pay a fine of $21,000.
Mr. Dai also agreed to pay costs in the amount of $3,000.
This case was resolved by an Early Resolution Offer. Enforcement Staff offered a 30% reduction of the sanctions CIRO otherwise would have sought based on the Respondent’s cooperation.
The Early Resolution Offers promote the efficient resolution of cases at an earlier point in the Enforcement process, while also ensuring investor harm is addressed through voluntary acts of compensation and the implementation of remedial measures by firms. Find out more here.
The settlement agreement is available at:
The hearing panel’s reasons for decision will be made available at www.iiroc.ca.
The contraventions occurred while Zhiping (Davis) Dai was a Registered Representative with the Calgary branch of Edward Jones, a CIRO-regulated firm. He continues to be employed within the industry in a registered capacity, currently with Leede Jones Gable Inc.
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All information about disciplinary proceedings relating to current and former member firms and individual registrants is available in the Enforcement section of the IIROC website for investment dealer disciplinary proceedings and the MFDA website for mutual fund dealer disciplinary proceedings.
Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated firms (Investment Dealer Division) is available free of charge through the AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1-877-442-4322.
CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.
Other Notices associated with this Enforcement Proceeding:
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