May 17, 2022 (Vancouver, British Columbia) – A penalty hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Gary Man Kin Ng.
The Hearing Panel will consider the penalty to be imposed as a result of its decision dated May 9, 2022, which found that Ng acted contrary to Consolidated Rule 1400 and section 8104 of the IIROC Consolidated Rules. Ng was found to have engaged in fraudulent conduct with respect to loan financing, and to have failed to cooperate with Enforcement Staff who were conducting an investigation.
The Hearing Panel’s liability decision will be made available at a later date.
The penalty hearing is open to the public unless the Hearing Panel orders otherwise. Members of the public who would like to attend the hearing should contact IIROC’s National Hearing Officer at [email protected] to obtain the details. The decision of the Hearing Panel will be made available at www.iiroc.ca
Hearing Date: The penalty hearing will be held via videoconference on May 27, 2022, at 10:00 a.m. Pacific Time.
IIROC formally initiated the investigation in February 2020. The alleged violations occurred while Ng was a Director, Investor, Executive, and Registered Representative with PI Financial Corp. and a Director, Executive, and Registered Representative with Chippingham Financial Group Limited, both IIROC-regulated firms. Ng is no longer a registrant with an IIROC-regulated firm.
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All information about disciplinary proceedings relating to current and former member firms is available in the Enforcement section of the IIROC website.
Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by IIROC-regulated firms is available free of charge through the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1 877 442-4322.
IIROC investigates possible misconduct by its member firms and/or individual registrants. It can bring disciplinary proceedings which may result in penalties including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
IIROC is the pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada's debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of 174 Canadian investment dealer firms of varying sizes and business models, and their more than 31,000 registered employees. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces. For more information, visit www.iiroc.ca.
Other Notices associated with this Enforcement Proceeding:
03/22/21IIROC Holds Hearing for Gary Man Kin Ng and Donald Warren MetcalfeType: Enforcement NoticeSubtype: Hearing
11/24/20IIROC Begins Disciplinary Action Against Gary Man Kin Ng and Donald Warren MetcalfeType: Enforcement NoticeSubtype: Hearing
10/12/21IN THE MATTER OF Gary Man Kin Ng and Donald Warren Metcalfe – AdjournmentType: Enforcement NoticeSubtype: Hearing
11/30/21IN THE MATTER OF Gary Man Kin Ng and Donald Warren Metcalfe – AdjournmentType: Enforcement NoticeSubtype: Hearing
02/15/22IN THE MATTER OF Gary Man Kin Ng and Donald Warren Metcalfe – OrderType: Enforcement NoticeSubtype: Hearing
06/01/22IIROC Sanctions Gary Man Kin NgType: Enforcement NoticeSubtype: Decision